Brent oil price rallied upwards clearly yesterday to settle at the key resistance 55.30, as it found solid resistance there formed by the EMA50, besides the negative pressure formed by the overbought signals that appear on stochastic, which might push the price to rebound bearishly and test the main bullish channel’s support at 53.35.
Until now, our neutrality still valid as long as the price is confined between the above mentioned levels, as the price needs to surpass one of these levels to detect the next targets clearly, reminding you that breaching 55.30 will open the way to achieve more gains and heading towards 58.37 followed by 59.88 levels mainly, while breaking 53.35 will put the price under more negative pressure, to target 50.98 level as a next main station.
Expected trading range for today is between 52.50 support and 57.50 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
