Brent oil price rallied upwards strongly yesterday to touch 85.80$ level, and surpassed the correctional bearish channel’s resistance by today’s open to hint heading to stop the bearish correction and return to rise again, but we notice that stochastic shows clear overbought signals that might force the price to decline in the upcoming sessions.
Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaching 85.80$ will push the price to achieve more gains and head towards 86.95$ followed by 88.50$ levels as next positive stations, while breaking 85.20$ represents the key to return to the correctional bearish track to visit 84.10$ followed by 82.74$ levels on the near-term basis.
The expected trading range for today is between 84.30$ support and 87.40$ resistance.
Trend forecast: Neutral
Origin: Economies
