Brent oil price fluctuates around the EMA50, while stochastic managed to get rid of its negativity and gather positive momentum on the intraday time frames, to support the expectations of continuing the bullish bias on the short term basis, waiting to test 38.2% Fibonacci level located at 43.60 as a next main target.
Note that holding above 39.30 level represents initial condition to continue the suggested rise, as breaking this level forms negative factor that will push the price to test the most important support levels for the short term and medium term trading between 37.29 and 36.25, noting that breaking these levels will stop the current correctional bullish trend and put the price within the main bearish track again.
Expected trading range for today is between 38.50 support and 42.50 resistance.
Expected trend for today: Bullish
Origin: Economies
