Brent oil price bounced bearishly after the rise that it witnessed on yesterday’s evening, to reach 92.74 level now, and we suggest surpassing this level to extend the correctional bearish wave towards 90.70 areas on the near-term basis.
Therefore, the bearish trend scenario will remain valid and active for the upcoming period, and the price needs to hold below 93.85 to guarantee the continuation of the expected decline, as breaching it represents positive factor that will push the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 91.00 support and 94.00 resistance.
The expected trend for today: Bearish
Origin: Economies
