Brent oil price approached few pips away from our waited target at 83.87 and bounced downwards strongly from there, to break the intraday bullish channel’s support line and reach the thresholds of 81.00 level, and the way seems open to continue the decline and break this level to achieve additional negative targets that reach 79.65 as a next negative station.
Therefore, we suggest the continuation of the bearish bias in the upcoming sessions, taking into consideration that the consolidation of 81.00 level against the current negative pressure will stop the expected decline and lead the price to resume the main bullish wave again.
The expected trading range for today is between 79.60 support and 82.60 resistance.
The expected trend for today: Bearish
Origin: Economies
