Brent oil price bounced downwards strongly after the price found difficulty to confirm breaching the minor bearish channel’s resistance that appears on chart, to achieve clear break to the main bullish channel’s support and settles below it now, which opens the way to continue the negative pressure on the short term basis, targeting 43.60 areas mainly.
Therefore, the bearish trend will be suggested for the upcoming period unless the price managed to breach 48.70 level and hold above it, which will allow the price to regain its main bullish track that its main targets begin at 53.80.
Expected trading range for today is between 46.00 support and 50.00 resistance.
Expected trend for today: Bearish
Origin: Economies
