Brent oil price shows sideways trading confined between 50.87 and 51.96 levels, and the price needs to breach the last level to reactivate the bullish trend scenario on the intraday and short term basis, waiting to target 53.72 areas initially, reminding you that breaching this level will extend Brent oil gains to reach 55.15.
Therefore, our overall bullish trend expectations will remain valid and active unless breaking 50.87 level and holding below it, as breaking this level will complete forming a double top pattern that its signs appear on chart, to push the price to visit 49.12 and might extend to 48.00 areas before any new attempt to rise.
Expected trading range for today is between 50.00 support and 53.72 resistance.
Expected trend for today: Bullish
Origin: Economies
