Brent oil price recent trading is confined inside a minor bearish channel that appears on chart, and we believe that this channel forms bullish continuation flag pattern that forms positive motive, waiting to assist to push the price to resume the main bullish trend, and the price needs to breach this channel’s resistance at 45.70 to activate the positive effect of the mentioned pattern.
Therefore, our bullish overview will remain valid and active for the upcoming period as long as the price is above 43.60, supported by the EMA50, and the next targets located at 47.80 then 48.70.
Expected trading range for today is between 43.00 support and 47.80 resistance.
Expected trend for today: Bullish
Origin: Economies
