Brent oil price opens today with clear negativity to break 73.80$ level and attempt to hold below it, to hint stopping the bearish correction and return to decline again, affected by stochastic negativity, while the positive effect of the inverted head and shoulders’ pattern still active, getting positive support by the EMA50.
Therefore, the contradiction between the technical factors makes us stay aside until we get clearer signal for the next trend, noting that breaking 73.15$ will put the price under more negative pressure to head towards testing 72.00$ as a next negative station, while trading above 73.80$ again will reactivate the correctional bullish scenario to target 75.24$ initially.
The expected trading range for today is between 71.75$ support and 75.00$ resistance.
Trend forecast: Neutral
Origin: Economies
