Brent oil price provides clear negative trades by today’s open to support the expectations of continuing the domination of the bearish trend on the intraday basis, paving the way to visit 77.05$ as a next negative target, which breaking it represents the key to rally towards 61.8% Fibonacci correction level at 75.66$.
The technical indicators provide negative signals that support the expected decline, noting that breaching 78.39$ and holding above it will stop the current negative pressure and lead the price to start recovery attempts that target testing 80.10$ areas initially.
The expected trading range for today is between 76.40$ support and 79.40$ resistance.
Trend forecast: Bearish
Origin: Economies
