Brent oil price surpassed 76.95$ level to reach 78.50$ level, as it attempts to recover and cover the losses that it suffered in the previous sessions, but we notice that it loses its positive momentum clearly to start today with bearish bias, hinting heading to resume the bearish track and head to test 76.95$ initially, noting that breaking this level will push the price towards 75.30$ followed by 74.00$ levels as next negative stations.
Therefore, the bearish bias will be expected for the upcoming sessions, noting that breaching 78.50$ will push the price to achieve additional rises and test the bearish channel’s resistance around 79.85$ before any new attempt to decline.
The expected trading range for today is between 76.00$ support and 79.00$ resistance.
Trend forecast: Bearish
Origin: Economies
