Brent oil price bounced clearly to the downside after hitting the solid resistance line formed by the previously broken support that appears on chart, which forces the price to provide some negative trading and approach from the EMA50, and the price is affected by stochastic negativity that appears on the four hours’ time frame.
Therefore, the price might be forced to show some temporary decline to test the key support levels between 46.85 and 46.35 before turning back to rise, and the price needs to breach 47.90 level to confirm opening the way to achieve our positive targets that begin at 48.91 and extend towards 51.20, reminding you that holding above 46.35 is important to continue the suggested bullish trend.
Expected trading range for today is between 46.00 support and 49.70 resistance.
Expected trend for today: Bullish
Origin: Economies
