Brent oil price ended yesterday’s trading above the breached neckline of the inverted head and shoulders’ pattern that appears on the minor image, mentioned in our last technical update, which confirms the continuation of the positive effect of this pattern, which has positive targets that reach to 45.70 followed by 46.76.
Therefore, the bullish trend will be suggested in the upcoming sessions supported by the EMA50, unless the price managed to break 43.00 level and hold below it again, as breaking this level represents negative factor that will push the price to return to the correctional bearish track again, which its next target located at 39.96.
Expected trading range for today is between 42.00 support and 46.76 resistance.
Expected trend for today: Bullish
Origin: Economies
