Brent oil price traded with strong positivity yesterday to succeed breaching the neckline mentioned in our previous reports for the inverted head and shoulders’ pattern that appears on the minor image, which activated the positive effect of this pattern and motivated the price to rally bullishly approaching from our first main waited target at 47.80, paving the way to extend the price gains to reach the previously recorded top at 52.83 as a next main station.
Therefore, our bullish overview will remain active for the upcoming sessions supported by the EMA50, noting that holding above 47.85 represents key condition to continue the bullish momentum on the intraday and short term basis.
Expected trading range for today is between 47.85 support and 51.75 resistance.
Expected trend for today: Bullish
Origin: Economies
