Brent oil price confirmed breaching the bearish channel’s resistance that appears on image after closing the daily candlestick above it, to turn into key support base now at 47.80, which supports the continuation of the bullish trend in the upcoming sessions, reinforced by the EMA50 that keeps supporting the price from below.
Therefore, we are waiting for more rise on the intraday and short term basis, and the main target is located at the previously recorded top at 52.83, taking into consideration that the continuation of the bullish trend depends on the stability above 46.76.
Expected trading range for today is between 46.76 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
