Brent oil price faced strong negative pressure yesterday, as it broke 81.40$ level and settled below it, to attempt to return to the bearish channel that appears on the chart and hint the attempt to resume the bearish wave again, but we notice that the price finds solid support formed at the breached resistance of the mentioned channel, accompanied by witnessing clear positive signals through stochastic, which might assist to push the price to recover again and build bullish wave on the intraday basis.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 80.75$ will push the price to suffer new losses and visit 79.70$ direct, while breaching 81.40$ resistance will lead the price to recover and target 82.74$ followed by 84.10$ areas on the near-term basis.
The expected trading range for today is between 79.20$ support and 82.74$ resistance.
Trend forecast: Neutral
Origin: Economies
