Brent oil price traded with clear negativity on yesterday’s evening, but it found solid support base formed by the EMA50 near the key support mentioned in our last reports at 48.50, to fluctuate around 23.6% Fibonacci level for the bullish wave measured from 41.50 to 51.20.
In general, we are waiting to get clearer confirmation signal for the next trend, which we will get through breaching one of the key levels represented by 48.50 support and 51.20 resistance, reminding you that breaking this support will extend the correctional bearish wave to reach 47.49 initially, while breaching the resistance will lead the price to return to the main bullish trend that its main targets begin by testing the previously recorded top at 52.83.
Expected trading range for today is between 47.00 support and 52.00 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
