Brent oil price opens todays’ trading with bullish gap that put the price above 46.35 level, but the price faces continuous resistance provided by the EMA50, which makes us continue with our neutrality until now, as the achieved breach is not confirmed yet, due to the possibility of heading towards covering the mentioned gap before continuing to rise again.
Note that the next destination still depends on the key levels 45.21 and 46.35, noting that the stability above the last level will lead trading to continue the bullish bias and head towards testing 47.49 followed by 48.91 areas initially, while breaking 45.21 level will push the price to suffer more losses that reach to 43.79 mainly.
Expected trading range for today is between 44.00 support and 48.91 resistance.
Expected trend for today: Neutral
Origin: Economies
