Brent oil price found solid resistance at 46.76 that forced it to stop the bullish rally that started on last Friday, to confine trading between the key levels represented by the mentioned resistance and 46.35 support, which makes us prefer staying aside temporarily in order to monitor the price behavior according to these levels, as the price needs to breach one of these levels to detect its next destination clearly.
Note that breaching 46.76 level will allow the price to resume the bullish trend that its next targets located at 47.49 and extend to 48.91, while breaking 46.35 support represents negative factor that will push trading to test 61.8% Fibonacci level at 45.21 again.
Expected trading range for today is between 45.00 support and 48.00 resistance.
Expected trend for today: Bullish
Origin: Economies
