Brent oil price returns to provide negative trading after attempting to breach 56.00 barrier yesterday, to start pushing on the key support 55.30, and as we mentioned in our recent reports, breaking this level might force the price to visit 52.82 level before any new attempt to resume the main bullish trend.
Therefore, the overall positive scenario will remain valid on the short term and medium term basis supported by the EMA50, it might be preceded by some temporary bearish bias to visit 52.82, noting that breaching 55.85 level will lead the price to resume the main bullish wave that its next main target located at 59.88.
Expected trading range for today is between 53.50 support and 57.00 resistance.
Expected trend for today: Overall Bullish
Origin: Economies
