Brent oil price continued to decline yesterday to approach our waited target at 78.39$, which represents 38.2% Fibonacci correction level for the last bullish wave, noting that the technical indicators show negative signals that support the chances of resuming the bearish bias, to suggest breaking the mentioned level and open the way to visit 77.05$ as a next correctional target.
Therefore, the bearish trend will remain expected for the upcoming period unless the price rallied to breach 80.10$ followed by 80.50$ levels and hold above them.
The expected trading range for today is between 77.70$ support and 80.70$ resistance.
Trend forecast: Bearish
Origin: Economies
