Brent oil price rallied strongly to the upside yesterday to succeed confirming breaching 49.20 followed by 50.25 levels, which confirms the price recovery and regaining the main bullish track, noting that breaching the second level completed forming a continuation bullish flag pattern, forming a positive motive that we are waiting to assist to push the price to achieve more gains on the medium term basis.
Therefore, we believe that the way is open to continue the bullish trend that its first main target located at 52.83, taking into consideration that breaching this level will extend Brent oil price gains to go further towards 57.20, while the bullish trend will remain valid and active in the upcoming sessions unless breaking 49.20 level and holding below it.
Expected trading range for today is between 49.20 support and 53.00 resistance.
Expected trend for today: Bullish
Origin: Economies
