Brent oil price traded with strong positivity yesterday’s evening to breach 47.00 level and close the daily candlestick above it, which adds more confirmation to the continuation of the bullish wave that moves organized inside the bullish wave that appears on chart, thus, the bullish bias will remain dominant on the short term basis, and the next target is testing 48.70 level.
The EMA50 provides continuous support to the suggested bullish wave, being aware that it is important to monitor the price behavior when reaching the targeted level, which represents 50% Fibonacci level for the entire decline measured from 70.31 to 27.09, which means the breaching it will extend Brent oil gains to reach 53.80.
Expected trading range for today is between 45.00 support and 49.00 resistance.
Expected trend for today: Bullish
Origin: Economies
