Brent oil price showed attempt to decline yesterday but it returned to settle above the symmetrical triangle’s resistance, which keeps the bullish trend scenario active in the upcoming period, supported by the positive overlapping signal that comes from stochastic, waiting for targeting the previously recorded top at 58.37 as a next main station.
Therefore, we wait for positive trading on the short and medium term trading, and breaching the targeted level will extend the bullish wave to the psychological barrier at 60.00 $ per barrel, while the bullish trend will remain valid unless breaking 55.00 level and holding below it.
Expected trading range for today is between 55.00 support and 59.00 resistance.
Expected trend for today: Bullish
Origin: Economies
