Brent oil price succeeded to surpass our first target at 46.76 and ended last week below it, which supports the continuation of our bullish overview efficiently for the upcoming period, as this breach represents the first step to regain the main bullish trend, waiting to surpass 47.95 barrier to add more confirmation to the continuation of achieving gains on the short term and medium term basis.
Therefore, the bullish bias will remain dominant on the upcoming trading, supported by the EMA50 that keeps carrying the price from below, and the next main target is located at 52.83, while the price needs to hold above 46.76 level to keep the chances of continuing the bullish momentum for today.
Expected trading range for today is between 46.00 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
