Brent oil price strong rally stopped at 48.91 level, to rebound bearishly and settle around 47.49 that forms good support base after breaching it previously, noticing that the price leans on this level to begin today’s trading with clear positivity, which supports the chances of continuing the bullish bias in the upcoming sessions.
Stochastic approaches from the oversold areas to support achieving more rise on the intraday and short term basis, thus, we will continue to suggest the bullish trend in the upcoming period, which its targets begin by breaching 48.91 level to confirm opening the way to head towards 51.20 level as a next main station, noting that breaking 47.49 level will stop the suggested rise and push the price to visit 46.35 and might extend to 45.21 before any new positive attempt.
Expected trading range for today is between 46.35 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
