Brent oil price ended yesterday’s trading with clear positivity to begin testing the psychological barrier at 50.00$ per barrel, as it begins today’s trading with more rise in attempt to breach this level, providing signals of continuing the bullish trend in the upcoming period, which gets continuous support by the EMA50, reinforcing the expectations of targeting the bullish channel’s resistance that rises now to 52.30.
Therefore, we will keep our bullish overview unless we witnesses clear break to 48.70 followed by 47.40 levels and holding below them, which will push the price to visit areas around 44.45 before any new attempt to rise.
Expected trading range for today is between 48.00 support and 53.00 resistance.
Expected trend for today: Bullish
Origin: Economies
