The price of oil is showing some slight bearish bias now on its way to test the pivotal support 56.40, which requires attention from the coming trades. A break of this level will pressure the price to achieve further bearishness over intraday basis and test levels starting at 55.20 and may extend to 54.60 before any new attempt. For height.
All in all, we will maintain our positive outlook for the day with stability above 56.40, while recalling the awaited targets that start at 59.40 and extend to 60.65 after breaching the previous level.
The trading range for today is among the support at 56.00 and resistance at 59.00