Brent oil price attempted to break 50.87 level yesterday’s evening but it managing to rebound bullishly and keep the stability of the daily close above it, which keeps our bullish overview valid until now, supported by stochastic current positivity, waiting to breach 51.96 barrier to ease the mission of achieving more gains in the upcoming sessions.
The current bullish wave targets start at 53.72 and extend to 55.15 after breaching the previous level, taking into consideration that breaking 50.87 level and holding below it will complete forming the double top pattern mentioned in our last technical update, which will 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
