Brent oil price shows sideways trading recently and hovers around 45.00 level now, noticing that stochastic managed to get rid of its negativity and gain the positive momentum on the four hours’ time frame, which forms positive factor that we are waiting to motivate the price to resume the bullish trend on the intraday and short term basis, which targets testing 46.76 level initially.
Therefore, we will keep our bullish trend scenario for the upcoming sessions supported by the EMA50 that forms intraday support base at 44.30, noting that the continuation of the positive overview depends on the stability above 43.00 level.
Expected trading range for today is between 44.00 support and 47.00 resistance.
Expected trend for today: Bullish
Origin: Economies
