Brent oil price touched the bullish channel’s support that appears on chart and bounced bullishly from there, as the EMA50 met this support to add more strength to it, which reinforce the chances of continuing the bullish trend on the intraday and short term basis, which its next target located at 52.40.
Therefore, the positive scenario will remain valid and active for the upcoming period conditioned by the price stability above 48.70 level, noting that breaking this level will push the price to test 44.70 areas before any new positive attempt.
Expected trading range for today is between 48.00 support and 52.40 resistance.
Expected trend for today: Bullish
Origin: Economies
