Brent oil price continued to rise yesterday to surpass 72.06$ level and reach 73.00$ barrier, but we notice that the EMA50 forms good resistance against the price, accompanied by witnessing clear negative signals through stochastic, which puts the price under expected negative pressure in the upcoming sessions, waiting to break 72.06$ to confirm opening the way to build bearish wave that its targets begin at 71.15$ and extend to 70.00$.
Therefore, the bearish bias will be suggested for today, noting that breaching 73.00$ will push the price to achieve more gains and test 73.90$ areas direct.
The expected trading range for today is between 71.40$ support and 73.40$ resistance.
Trend forecast: Bearish
Origin: Economies
