Brent oil price faced strong negative pressure yesterday, as it broke 73.90$ and reached 72.75$ areas, to head towards achieving more potential decline on the intraday basis, but we notice that the price begins today positively, motivated by stochastic positivity, which might lead the price to attempt to regain the bullish track again, targeting testing 73.90$ initially.
The contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that the continuation of the rise and breaching 73.90$ will push the price to regain the bullish trend and achieve gains that start by visiting 75.36$ areas, while breaking 72.85$ will put the price under more negative pressure to head towards achieving negative targets that start at 72.06$ and extend to 71.20$ after breaking the previous level.
The expected trading range for today is between 72.00$ support and 75.00$ resistance.
Trend forecast: Neutral
Origin: Economies
