Brent oil price declined strongly yesterday to resume the main bearish trend within the bearish channel that appears on the chart, waiting to head towards 67.70$ as a next main target.
The EMA50 supports the continuation of the suggested bearish wave, noting that breaching 70.25$ might push the price to recover and achieve intraday gains that target testing 71.16$ and might extend to the bearish channel’s resistance around 72.35$ before any new attempt to decline.
The expected trading range for today is between 68.40$ support and 71.40$ resistance.
Trend forecast: Bearish
Origin: Economies
