Brent oil price didn’t show any strong move since days, to continue fluctuating around the minor support that appears on the above chart, while the EMA50 continues to form an obstacle against the price attempts to resume the bullish bias, which hints the need to surpass this barrier – located at 40.50 – to ease the mission of continuing the positive scenario in the upcoming period, which its next main target located at 43.60.
In general, we will continue to suggest the bullish trend on the intraday and short term basis unless breaking 39.65 level and holding below it, as breaking this level represents negative factor that will push the price to test the key support levels located between 37.29 and 36.40 areas before any new attempt to rise.
Expected trading range for today is between 38.00 support and 43.00 resistance.
Expected trend for today: Bullish
Origin: Economies
