Brent oil price rallied upwards strongly yesterday to test 77.05$ level, and attempted to breach it but it consolidated below it, as the EMA50 formed solid resistance that prevented the price to continue the rise, noticing that the price begins today with bearish bias that hints heading to resume the expected bearish trend for the upcoming period, which its targets begin by breaking 75.66$ to confirm heading towards 74.00$ as a next main station.

 

Stochastic shows negative signals that support the expected decline, which will remain valid conditioned by the price stability below 77.05$.

 

The expected trading range for today is between 74.90$ support and 77.90$ resistance.

 

Trend forecast: Bearish