Brent oil price shows some bearish bias to approach from testing 50.00 level again, noticing that the price is confined inside a potential falling wedge pattern, which means that breaching 50.80 resistance will activate the positive effect of this pattern, followed by leading trading to resume the main bullish wave that its next target located at 52.83.
Therefore, we will continue to suggest the overall bullish trend in the upcoming period, supported by stochastic and the EMA50 positivity, taking into consideration that holding above 49.35 level represents key condition to the continuation of the suggested bullish bias.
Expected trading range for today is between 49.00 support and 52.83 resistance.
Expected trend for today: Bullish
Origin: Economies
