Brent oil price bounced bearishly after approach from 51.00 barrier yesterday, to fluctuate around the EMA50 now, as the price was affected by stochastic negativity, which reaches the oversold areas now.
In general, the bullish trend scenario still valid on the short term basis unless we witnessed clear break and holding below 48.70 level, waiting to target 52.75 level mainly, noting that the price is drawing potential negative formation that appears on image, which urges caution in case attacking 49.35 level that represents the neckline of the mentioned pattern.
Expected trading range for today is between 48.00 support and 52.00 resistance.
Expected trend for today: Bullish
Origin: Economies
