Brent oil price rebounds bearishly after touching 42.20 level, to approach from retesting the previously breached minor resistance that turns into support now at 40.30, forming the first protecting barrier to the recently suggested positive scenario.
On the other hand, stochastic shows clear oversold signals now, while the EMA50 offers continuous support to the price from below, thus, our bullish trend expectations will remain valid and active for the upcoming period, and the next target is located at 43.60, noting that breaking 40.30 level might push the price to head towards 37.29 level direct before any new attempt to rise.
Expected trading range for today is between 39.50 support and 44.00 resistance.
Expected trend for today: Bullish
Origin: Economies
