Brent oil price shows clear negative trading after touching 50.50 level yesterday, to approach from testing the key support base located at 48.70, which forms the first protecting factor to our positive overview, besides 47.40 support line.
On the other hand, stochastic gets rid of its negativity and reach the thresholds of the oversold areas, while the EMA50 continues to support the price from below, which encourages us to keep our bullish trend expectations for the upcoming period, waiting to target 52.50 level mainly, noting that it is important to keep the stability above 48.70 and 47.40 levels to continue the expected bullish bias.
Expected trading range for today is between 48.00 support and 52.00 resistance.
Expected trend for today: Bullish
Origin: Economies
