Brent oil prices shows sideways trades in the previous sessions, moving near the key resistance 78.90, noticing that stochastic loses its positive momentum clearly to reach the overbought areas, which forms negative motive that we are waiting to assist to push the price to resume the correctional bearish wave, which targets 76.85 as a next station.
Therefore, our bearish overview will remain valid and active for the upcoming period, noting that it is important to hold above 78.90 to continue the expected decline, as breaching this level will lead the price to start attempts to stop the bearish correction and head to achieve gains that start at 80.96.
The expected trading range for today is between 76.50 support and 79.80 resistance.
The expected trend for today: Bearish
Origin: Economies
