Brent oil price crawls upwards gradually approaching from 42.20 barrier, which breaching it represents the key to head towards our next main waited target at 43.60, which represents 38.2% Fibonacci for the entire decline measured from 70.31 to 27.09.
The EMA50 keeps supporting the price from below, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, noting that breaking 40.15 level will stop the bullish wave temporarily to push the price towards potential test to 37.29 level before any new attempt to resume the suggested bullish trend.
Expected trading range for today is between 40.00 support and 44.00 resistance.
Expected trend for today: Bullish
Origin: Economies
