Brent Oil completes negative formation – Analysis - 28-03-2017

Brent oil price completed forming minor bullish wedge’s pattern after breaking its support level and settled below it, to get negative motive that supports the continuation of the bearish correctional trend scenario, which supports the chances for heading towards our next main target at 49.21.

Therefore, the bearish trend will remain the dominant on the intraday and short term basis, pointing that breaking the targeted level will extend the bearish wave to reach 47.05 as a next main target, while breaching 50.96 will stop the current negative pressure and pushes the price to test the most important resistance for the short term trading between 52.71 and 53.20 before any new attempt to decline.

Expected trading range for today is between 48.50 support and 52.00 resistance.

Expected trend for today: Bearish