Brent oil price begins the process of breaching the main bearish channel’s resistance that appears on chart, as it opens this week with clear positivity to move above the mentioned resistance that turns into support now at 39.00, which opens the way to turn the intraday and short term trading to the upside, as the price moves inside a minor bullish channel that its resistance line forms the main target of the current bullish wave at 40.90.
Therefore, the bullish bias will be suggested for the upcoming sessions supported by the EMA50, noting that the current rise is a bullish correction for the entire bearish wave measured from 70.31 to 27.09, unless the price managed to break 39.00 followed by 37.29 levels and hold below them, as breaking these levels will stop the current positive scenario and push the price to resume the main bearish trend.
Expected trading range for today is between 37.00 support and 42.20 resistance.
Expected trend for today: Bullish
Origin: Economies.com
