Brent oil price couldn’t manage to hold for long time above 76.80, to decline strongly and reach 74.30 level now, as it returns to the bearish channel that appears on the chart, which supports the chances of surpassing the current support to open the way to suffer additional losses that reach 72.75 followed by 71.05 areas.
Therefore, the bearish trend will be dominant in the upcoming sessions, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 75.75 will lead the price to start new recovery attempts that start by testing 76.80 and extend to 78.90 in case the price succeeded to breach the previous level.
The expected trading range for today is between 73.00 support and 76.00 resistance.
The expected trend for today: Bearish
Origin: Economies
