Brent oil price rallied higher clearly yesterday to complete forming an inverted head and shoulders pattern that appears in the minor image, where it succeeded to breach the neckline for this pattern, which turns into support now at 50.65, which provides strong positive motive that reinforces the expectations for more of the upside track in the upcoming sessions, opening the way towards targeting 53.80 level as a next main station.
Therefore, we believe that the chances available for providing more of the positive trading on the short and medium basis, supported by stochastic current positivity, pointing that holding above 50.65 represents the first protection factor for the continuation of the expected rise, where breaking it represents a negative factor that might push the price to visit levels near 48.10 before any new attempt to rise.
Expected trading range for today is between 49.70 support and 53.80 resistance.
Expected trend for today: Bullish
Origin: Economies
