Brent oil price traded with clear positivity after recording 43.56 low of yesterday, to head towards potential visit to 46.76 level, which represents 23.6% Fibonacci correction level that was broken previously, supported by stochastic positivity on the four hours’ time frame.
Therefore, we suggest the continuation of the bullish trend domination on today’s trading, noting that breaching the targeted level will lead the price to attempt to regain the main bullish trend, to start the positive targets at 49.10, while bouncing bearishly and attacking 43.00 level will put the price under more negative pressure on the short term and medium term basis.
Expected trading range for today is between 44.00 support and 47.00 resistance.
Expected trend for today: Bullish
Origin: Economies
