Brent oil price trades negatively after testing the minor bearish channel’s resistance that appears on chart, to approach from retesting the main bearish channel’s resistance that was breached previously, which turns into support now at 38.75, as this level forms the first protecting factor to the continuation of the bullish trend overview, which gets positive support by stochastic and the EMA50.
Therefore, we will continue to suggest the bullish trend in the upcoming sessions, and the main targets located at 42.20 then 43.60, noting that breaking 38.75 followed by 37.29 levels will stop the suggested correctional bullish wave and push the price to return to the main bearish track.
Expected trading range for today is between 37.29 support and 43.00 resistance.
Expected trend for today: Bullish
Origin: Economies.com
