Brent oil price bounced downwards clearly to break 79.10 and reach the key support 77.44, noticing that the price begins today with more negativity to break this level and attempt to hold below it, which stops the recently suggested positive scenario and push the price to resume the bearish trend within the bearish channel that appears on the chart, to head towards visiting 75.80 followed by 74.50 areas as next negative stations.
The EMA50 forms negative pressure now to support the continuation of the expected decline, taking into consideration that failing to confirm breaking 77.44 will lead the price to start recovery attempts and head to test 78.75 initially.
The expected trading range for today is between 75.50 support and 78.50 resistance.
The expected trend for today: Bearish
Origin: Economies
