Brent oil price approaches from leaning on the EMA50 that forms intraday support at 54.35, while stochastic reaches the oversold areas now, forming positive factor that we expect to assist to push the price to continue its main bullish track, which is organized inside the main bullish channel that appears on the above chart.
Therefore, our bullish trend expectations will remain valid and active for the upcoming period unless breaking 54.35 level and holding below it, as breaking this level represents negative factor that will push the price to visit 52.80 followed by 51.95 areas before any new attempt to rise, reminding you that the next target of the current bullish wave is located at 59.88.
Expected trading range for today is between 53.50 support and 57.50 resistance.
Expected trend for today: Bullish
Origin: Economies
