Brent oil price managed to break 74.30 level and close the daily candlestick below it, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, organized inside the bearish channel again, on its way to visit 72.75 followed by 71.05 levels as next main stations.
Therefore, we are waiting for more expected decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 74.30 – 74.50 levels will stop the current negative pressure and push the price to attempt to recover again.
The expected trading range for today is between 71.80 support and 75.00 resistance.
The expected trend for today: Bearish
Origin: Economies
