Brent oil price traded positively on yesterday’s evening to settle around the bearish trend line that appears on chart, showing tight trading since today’s opening, waiting to activate the negative effect of the oversold signals that appears on stochastic to push the price to rebound bearishly and continue the main bearish bias again.
Therefore, we believe that the chances are valid to resume the bearish trend in the upcoming sessions, and the price needs to break 33.50 followed by 32.23 levels to reinforce the negative expectations that its next main target located at 27.09, noting that holding above 35.00 level will stop the negative scenario temporarily and push the price for recovery attempts that its initial targets reach to 37.29.
Expected trading range for today is between 32.00 support and 36.50 resistance.
Expected trend for today: Bearish
Origin: Economies.com
