Brent oil price resumed its negative trading yesterday to break the main bullish channel’s support that formed our waited target in our recent reports and settled with a daily close below it, which opens the way to extend the bearish wave on the short term and medium term basis, pushing the price to head towards 43.60 as a next main station.
Therefore, the bearish bias will be suggested for the upcoming period supported by the EMA50 that pushes negatively on the price, noting that the negative overview will remain valid unless the price managed to breach 47.40 followed by 48.70 levels and hold above them.
Expected trading range for today is between 44.50 support and 48.70 resistance.
Expected trend for today: Bearish
Origin: Economies
