Brent oil price traded with strong positivity yesterday after succeeding to breach the bullish pennant pattern’s resistance that appears on chart, to approach from our first main waited target at 57.46, supported by the EMA50 that reinforces the chances of breaching the mentioned level followed by opening the way to head towards our next target at 59.88.
Therefore, we will continue to suggest the bullish trend in the upcoming sessions, noting that stochastic current negativity might force the price to provide some temporary sideways trading before resuming the expected rise, which its continuation conditions holding above 54.17.
Expected trading range for today is between 54.17 support and 58.00 resistance.
Expected trend for today: Bullish
Origin: Economies
