Brent oil price declined yesterday to approach from the critical support 48.70, but it bounced quickly to the upside to settle above the EMA50 again, keeping the bullish trend valid in the upcoming sessions, waiting to visit the main bullish channel’s resistance located at 53.20 now.
Stochastic negativity interprets the reasons of the current sideways fluctuation, and the price might be forced for more fluctuation in order to gain enough positive momentum to push the price to continue the main bullish track, which its continuation conditions holding above 48.70 level.
Expected trading range for today is between 48.00 support and 52.00 resistance.
Expected trend for today: Bullish
Origin: Economies
