Brent oil price managed to achieve the full target of the previously completed double top pattern mentioned yesterday, as this target met 61.8% Fibonacci correction level for the bullish wave from 41.50 to 51.20, to begin the attempts of building bullish wave on the intraday and short term basis, as the price trades positively since approaching from 45.21 level.
Therefore, we believe that the chances are valid to rise in the upcoming period, to target 46.35 followed by 47.49 levels initially, supported by stochastic positivity that appears on the four hours’ time frame, taking into consideration that the continuation of the positive overview depends on the stability above 45.21.
Expected trading range for today is between 44.00 support and 48.50 resistance.
Expected trend for today: Bullish
Origin: Economies
