Brent oil price bounced downwards strongly to break 80.65$ level and settles below it, to hint heading to turn to decline, but we notice that the technical indicators provide positive signals and attempt to protect the price from suffer more losses, to face contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend.
Note that breaking 80.00$ will push the price to continue the decline and head towards 78.80$ as a next negative station, while breaching 80.65$ will lead the price to regain the bullish track and achieve gains that reach 82.15$ on the near-term basis.
The expected trading range for today is between 78.80$ support and 82.10$ resistance.
Trend forecast: Neutral
Origin: Economies
