Brent oil price declined to test the main bullish channel’s support line that rises now to 49.50 and kept its stability above it, accompanied by stochastic enter to the oversold areas, to provide positive motive that we are waiting to assist to push the price to resume the main bullish trend, which its targets begin by testing the previously recorded top at 52.83.
The EMA50 keeps protecting the suggested bullish wave, reminding you that breaching the targeted level will extend Brent oil price gains to 57.20, while the expected bullish trend will remain valid unless we witnessed clear break and holding below 49.50.
Expected trading range for today is between 48.00 support and 53.00 resistance.
Expected trend for today: Bullish
Origin: Economies
