Brent oil price ended last Friday’s trading above 46.76, starting today with more positivity to move away from the mentioned level, which hints the price attempt to recover in the upcoming period and stop the negative pressure that dominated the recent trading.
On the other hand, we notice that the price is forming bullish technical pattern appears on the minor image, thus, breaching 47.85 level will activate the positive effect of the mentioned pattern and motivates the price to achieve more gains in the upcoming period.
Therefore, these factors encourage us to suggest the bullish trend on the intraday and short term basis, to start the positive targets at 49.60 and extend to 51.75, noting that the continuation of the suggested rise depends on the stability above 46.76 and 46.45 levels.
Expected trading range for today is between 46.00 support and 49.60 resistance.
Expected trend for today: Bullish
Origin: Economies
