Brent oil price keeps its stability inside the minor bullish channel that appears on chart, noticing that the EMA50 continues to carry the price from below, while stochastic provides clear positive signal on the four hours’ time frame.
Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, which its next target located at 52.60, reminding you that holding above 48.70 level represents key condition to continue the suggested bullish wave, as breaking it represents negative factor that will push the price to visit the main bullish channel’s support around 44.90 before any new attempt to rise.
Expected trading range for today is between 48.70 support and 52.60 resistance.
Expected trend for today: Bullish
Origin: Economies
