Brent oil price continues to fluctuate around the minor support that appears on the above chart, noticing that stochastic shows clear oversold signals now, which supports the chances of bouncing bullishly and resume the bullish trend in the upcoming period, waiting to visit 42.20 followed by 43.60 levels mainly.
Therefore, the bullish trend scenario will remain valid on the intraday and short term basis, and the price needs to hold above 39.55 level to continue the suggested rise, as breaking this level represents negative factor that will push the price to test 37.29 areas before any new positive attempt.
Expected trading range for today is between 38.00 support and 42.00 resistance.
Expected trend for today: Bullish
Origin: Economies
