Brent oil price continues its negative trading yesterday to confirm surpassing the EMA50, opening the way towards the continuation of the bearish bias in the upcoming sessions, and the main target represented by testing the critical support at 43.60, pointing that monitoring the price behavior when reaching it important, where breaking it represents the extension of the bearish wave to reach 41.50 directly.
Therefore, the bearish trend will be preferred temporarily on the intraday basis, waiting for a bullish rebound to resume the main bullish trend that organizes within the bullish channel that appears in the image, being aware that breaching 45.75 level will stop the current negative expectations and leads the price to regain the bullish trend that its main targets begin at 48.70.
Expected trading range for today is between 42.60 support and 46.50 resistance.
Expected trend for today: Temporarily Bearish
Origin: Economies
