Brent oil price continued its bullish rally moving away from 43.60 level, to begin testing 46.00$ per barrel now, to continue the organized bullish trend inside the bullish channel that appears on the above chart, which carries the price to head towards the next correctional level located at 48.70.
Therefore, we believe that the way is open to achieve more gains in the upcoming sessions, it might be preceded by some temporary sideways fluctuation affected by stochastic current negativity, taking into consideration that breaking 43.60 level will stop the positive scenario temporarily and push the price to test the bullish channel’s support around 39.65 before attempting to resume the bullish trend.
Expected trading range for today is between 44.00 support and 48.70 resistance.
Expected trend for today: Bullish
Origin: Economies
