Brent oil price achieved the expected decline yesterday’s evening after breaking the main bullish channel’s support, noticing that the decline stopped at the symmetrical triangle’s support that its signs appear on the above chart, which hints that the price is on the way to resume the main bullish trend, reinforced by stochastic positivity that appears on the four hours’ time frame.
Therefore, the bullish trend will remain suggested for the upcoming sessions, to begin the positive targets by breaching 50.15 followed by 50.85 levels to motivate the price to achieve more gains on the short term and medium term basis, which extend to reach 52.83 as a next main station, taking into consideration that the continuation of the expected rise depends on holding above 47.50 and the most important above 46.76 levels.
Expected trading range for today is between 46.76 support and 50.85 resistance.
Expected trend for today: Bullish
Origin: Economies
