Brent oil price provided some positive attempts yesterday but it found good resistance there that formed the EMA50, which protects the continuation of yesterday- mentioned bearish trend scenario, which activated after breaking the minor bullish channel’s support that appears in the image.
Stochastic loses its positivity gradually to support the chances for resuming the bearish bias in the upcoming period, keeping the bearish trend preferred on the intraday basis, targeting testing 48.70 levels might extend to 47.00 before any new attempt to rise, being aware that breaching 51.50 level will stop the suggested bearish bias and leads the price to keep achieving the gains on the short and medium term basis.
Expected trading range for today is between 47.00 support and 51.50 resistance.
Expected trend for today: Bearish
Origin: Economies
