Brent oil price continues to rise to approach from the minor bearish channel’s resistance that appears on chart, and as we mentioned in our last report, this resistance forms potential bullish flag pattern, which means the breaching its resistance at 54.70 will activate the positive effect of this pattern followed by pushing the price to achieve good gains on the intraday and short term basis.
Therefore, we suggest the continuation of the bullish bias in the upcoming sessions, which its next main target is located at 59.88, noting that achieving this target requires two main conditions; the first one is breaching 54.70, and the second is holding above 52.83.
Expected trading range for today is between 52.83 support and 57.00 resistance.
Expected trend for today: Bullish
Origin: Economies
