Brent oil price tested 52.00$ barrier yesterday and rebounds bearishly from there, to approach from retesting the support base formed above 51.20 level after breaching it previously, affected by stochastic negativity that appears on the four hours’ time frame, which might cause some temporary negative fluctuation before turning back to rise.
In general, we will continue to suggest the bullish trend on the short term basis supported by the EMA50, and holding above 51.20 represents the first protecting key to continue the positive overview, waiting to test 52.83 level initially, noting that breaching this level will extend the bullish wave to target 54.34 areas as a next main station.
Expected trading range for today is between 50.00 support and 53.50 resistance.
Expected trend for today: Bullish
Origin: Economies
