Brent oil price closed the daily candlestick above 48.70 level, to get good support base that reinforces the expectations of continuing the bullish trend in the upcoming period, organized inside the bullish channel that appears on chart, as we believe that the way is open to head towards this channel’s resistance at 50.90.
Therefore, our positive expectations will remain valid and active on the intraday and short term basis, supported by the EMA50, noting that breaking 48.70 level will stop the bullish bias temporarily and push the price to visit areas that begin at 46.90 mainly before any new attempt to resume the bullish trend.
Expected trading range for today is between 48.00 support and 51.50 resistance.
Expected trend for today: Bullish
Origin: Economies
