Brent oil price resumed its negative trading strongly yesterday to reach few pips away from our waited target at 75.78$, showing some slight bullish bias now affected by stochastic positivity, while we expect the continuation of the overall bearish trend domination and break the mentioned level to open the way to head towards 74.75$ followed by 73.90$ areas as next negative stations.
The EMA50 keeps pressing negatively on the price to support the expected bearish trend, noting that breaching 77.20$ will stop the current negative pressure and push the price to achieve gains that start by testing 78.80$.
The expected trading range for today is between 74.50$ support and 77.50$ resistance.
Trend forecast: Bearish
Origin: Economies
