Brent oil price settled below 46.35 level after the sharp decline that appeared on last Friday, to approach from the key support 45.21, which represents 61.8% Fibonacci correction level for the rise measured from 41.50 to 51.20, which means that breaking it will push the price for more decline that its next target located at 43.79.
On the other hand, stochastic shows positive signals that might assist to push the price for recovery attempts that its targets begin by testing the key resistance 47.49, which breaching it represents important positive key to regain the main bullish trend that its targets begin at 48.91 and extend to 51.20.
Therefore, we prefer staying aside temporarily until the price confirms its next destination through breaching one of the next trend keys represented by 45.21 support and 47.49 resistance.
Expected trading range for today is between 44.00 support and 48.91 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
