Brent oil price is testing the bullish channel’s support that carries trading since the beginning of this month, noticing that the EMA50 meets the mentioned support to add more strength to it, which reinforce the chances of resuming the bullish bias in the upcoming sessions, waiting to visit 48.91 level initially, noting that breaching this level will extend the bullish wave to reach the previously recorded top at 51.20.
In general, we will continue to suggest the bullish trend on the intraday and short term basis unless breaking 47.49 level and holding below it, as this break will push the price to return to the correctional bearish track that its next target located at 46.35.
Expected trading range for today is between 46.76 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
