Brent oil price provided clear negative trades yesterday, starting today with more bearish bias on its way towards our next waited target at 60.00, to keep the bearish trend dominant on the intraday and short term basis, noting that surpassing the mentioned level will push the price to visit 50% Fibonacci correction level at 56.91.
Holding below 63.95 is important to continue the expected decline, as breaching it will lead the price to start recovery attempts that target 66.80 followed by 70.00 areas initially.
Expected trading range for today is between 60.00 support and 63.00 resistance.
Expected trend for today: Bearish
Origin: Economies
