Brent oil price keeps moving near the previously broken support of the bullish channel that turns into key resistance now at 50.00, as the price needs to breach this level to confirm the continuation of the bullish trend on the short term basis.
By taking deeper look at the chart, we find that the recent trades are confined inside a bullish pennant shown in the minor image, which means that breaching 49.30 level will activate the positive effect of this pattern followed by motivating the price to achieve the required breach, which will open the way to head towards our next main target at 52.83.
Therefore, we will continue to suggest the bullish trend in the upcoming period supported by the EMA50, noting that holding above 47.95 represents key condition to continue the expected rise.
Expected trading range for today is between 47.85 support and 51.75 resistance.
Expected trend for today: Bullish
Origin: Economies
