Brent oil price bounced strongly to the upside after touching yesterday’s waited target at 47.70, as the EMA50 managed to protect the price from suffering more losses, to push trading upwards to breach 48.70 level and close the daily candlestick above it, forming good support base above it.
Therefore, these factors encourage us to expect regaining the bullish trend that its next target located at 51.40, taking into consideration that the continuation of the suggested bullish wave depends on the stability above 48.70 and the most important above 47.40 levels.
Expected trading range for today is between 47.40 support and 51.40 resistance.
Expected trend for today: Bullish
Origin: Economies
