Brent oil price shows some bearish bias after approaching from our main waited target at 48.70, which allows stochastic to get rid of its negativity and gain s positive momentum on the four hours time frame, while the EMA50 continues to provide positive support for the price from below.
Therefore, we believe that the chances are available for trading positively in the upcoming sessions, and monitoring the price behavior when reaching 48.70 level that represents 50% Fibonacci correction level for the decline that measured from 70.30 to 27.09, which means that breaching it will extend the bullish correctional wave to reach 53.80, taking into consideration that the continuation of the bullish wave depends on the stability above 45.60 and the most important above 43.60.
Expected trading range for today is between 45.20 support and 49.50 resistance.
Expected trend for today: Bullish
Origin: Economies
