Brent oil price tested the key support base 50.87 yesterday and kept its stability above it, to rebound upwards clearly and settle around 51.96 now, waiting to breach this level to reinforce the expectations of continuing the bullish trend on the intraday and short term basis, which will open the way to head towards 53.72 as a next main station.
Therefore, the bullish trend scenario will remain valid and active in the upcoming sessions supported by the EMA50, conditioned by the price stability above 50.87 level, noting that breaching the targeted level will extend the bullish wave to reach 54.34 followed by 55.15.
Expected trading range for today is between 50.00 support and 54.34 resistance.
Expected trend for today: Bullish
Origin: Economies
