Brent oil price shows new negative trades by today’s open to reach the first waited target at 72.06$, and we suggest breaking this level to open the way to achieve additional negative targets that extend to 71.15$ followed by 70.00$.
Therefore, the bearish trend will remain valid and active for the upcoming period, supported by the negative pressure formed by the EMA50, taking into consideration that failing to break 72.06$ will lead the price to attempt to build bullish wave that targets testing 73.90$ areas mainly.
The expected trading range for today is between 70.60$ support and 73.60$ resistance.
Trend forecast: Bearish
Origin: Economies
