Brent oil price declined strongly yesterday to surpass our waited target at 78.47$ and reach 76.68$ areas, noticing that the price bounced bullishly to attempt to cover some of the losses that it suffered in the previous sessions, but we suggest resuming the negative trades to surpass 76.68$ level and open the way to extend the bearish wave towards 75.24$ areas.
Therefore, the bearish trend will remain dominant on the intraday and short-term basis, noting that breaching 78.47$ will stop the current negative pressure and lead the price to regain the bullish trend again.
The expected trading range for today is between 75.80$ support and 79.00$ resistance.
Trend forecast: Bearish
Origin: Economies
