Brent oil price suffered strong losses yesterday after breaking the bullish channel’s support line that appears on the chart, to achieve bearish correction for the rise that started from 88.85 areas, touching 61.8% Fibonacci correction level at 104.16, and attempts to recover now, settling around 111.00.
The EMA50 forms negative pressure that makes us suggest resuming the negative trades, and breaking 108.90 will push the price to 104.16 again, noting that breaching 113.65 will lead the price to attempt to recover and regain the main bullish trend again.
The expected trading range for today is between 104.16 support and 115.00 resistance.
The expected trend for today: Bearish
Origin: Economies
