Brent oil price fluctuates around 48.70 level, and the price still inside the minor bullish channel that appears on chart, supported by the EMA50, noticing that stochastic gets rid of its negativity gradually and gain the positive momentum on the intraday time frames.
Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, and the next target is located at 51.80, noting that breaking 47.40 level will put the price under negative pressure that will lead trading towards 44.65 areas before attempting to regain the main bullish trend.
Expected trading range for today is between 47.00 support and 51.00 resistance.
Expected trend for today: Bullish
Origin: Economies
