Brent oil price shows new negative trades after the temporary rise that it witnessed yesterday, to approach our waited target at 78.39$, which represents 38.2% Fibonacci correction level for the rise from 71.23$ to 82.82$, noting that breaking it will extend the bearish wave to reach 77.05$ direct.
Holding below 80.10$ is important to the continuation of the expected decline, as breaching it represents the key to stop the suggested bearish wave and return to the main bullish track again.
The expected trading range for today is between 77.10$ support and 80.10$ resistance.
Trend forecast: Bearish
Origin: Economies
