Brent oil price keeps rising to surpass 41.00 barrier and settles above it, approaching gradually from our first main target at 42.20, noticing that the EMA50 continues to provide the support to the price from below.
Therefore, our bullish trend overview will remain valid and active for the upcoming period, noting that the next main target is located at 43.60, which represents 38.2% Fibonacci level for the bearish wave measured from 70.31 to 27.09, which urges monitoring the price behavior when reaching it, as breaching it represents the key to extend the correctional bullish wave to reach to 48.70, while the price needs to hold above 37.29 level to guarantee the continuation of the suggested bullish trend.
Expected trading range for today is between 39.50 support and 44.00 resistance.
Expected trend for today: Bullish
Origin: Economies
