Brent oil price rallied upwards strongly yesterday to breach 78.90 level and approach 80.00$ barrier, noticing that the bullish rally stopped at the broken support of the bullish channel that appears on the chart, to start declining by today’s open, motivated by stochastic negativity that appears clearly now.
Therefore, we expect the continuation of the bearish bias in the upcoming sessions, and the targets begin at 78.90 and extend to 77.70 after breaking the previous level, noting that breaching 80.15 will stop the expected decline and push the price back to the bullish channel to head towards achieving new rises that start by testing 80.96 areas.
The expected trading range for today is between 77.70 support and 80.50 resistance.
The expected trend for today: Bearish
Origin: Economies
