Brent oil price succeeded to achieve our waited target at 81.30 and presses negatively on it, to support the expectations of continuing the bearish trend in the upcoming sessions, noting that breaking this level will push the price to 79.70 direct.
The EMA50 forms negative pressure against the price to support the continuation of the suggested decline, waiting to get additional negative motive to reinforce the negative scenario.
Holding below 82.25 represents initial condition to continue the bearish trend, as breaching it might push the price to achieve intraday gains to test 83.65 and might extend to 85.10 levels before any new attempt to decline.
The expected trading range for today is between 79.60 support and 82.60 resistance.
The expected trend for today: Bearish
Origin: Economies
