Brent oil price traded negatively yesterday to settle at the EMA50 that forms good support against the intraday trading, as the price moves inside a minor bearish channel that appears on chart, which we believe that it forms bullish continuation flag pattern that we are waiting to assist to push the price to resume its bullish track on the short term basis.
Therefore, the price needs to breach 40.80 level to activate the positive effect of the mentioned pattern, which will push the price to visit 42.20 followed by 43.60 levels mainly, noting that stochastic current positivity forms positive motive that reinforces the expectations of achieving the required breach, to keep the bullish trend valid and active for the upcoming period unless breaking 38.20 followed by 37.29 levels and holding below them.
Expected trading range for today is between 37.29 support and 42.00 resistance.
Expected trend for today: Bullish
Origin: Economies
