Brent oil price showed mixed trading yesterday after it found solid resistance at 48.00, as trading bounced strongly to the downside towards 46.80, but it returned to settle near 48.00 again, which keeps the overall bullish trend scenario valid and active for the upcoming period, supported by the EMA50 that keeps carrying the price from below, besides the positive overlapping signal that appears on stochastic now.
Therefore, we are waiting to target 48.70 level initially, which breaching it represents the key to extend gains to reach 50.30, taking into consideration that the continuation of the bullish wave depends on the stability above 45.80 and 44.95 levels.
Expected trading range for today is between 46.05 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
