Brent oil price succeeded to confirm breaching 42.20 level after closing the daily candlestick above it, which eases the mission of heading towards our next waited target at 43.60, which represents 38.2% Fibonacci level for the entire decline measured from 70.31 to 27.09, which hints the importance of monitoring the price behavior when reaching it, as breaching it represents the key to extend the correctional bullish wave to reach 48.70 as a next main target.
The EMA50 keeps supporting the price from below, to keep the bullish trend valid and active for the upcoming sessions, noting that breaking 42.20 level will put the price under temporary negative pressure will lead trading to test 40.40 areas and might extend to 38.20 before any new attempt to rise.
Expected trading range for today is between 41.00 support and 45.00 resistance.
Expected trend for today: Bullish
Origin: Economies
