Brent oil price continued its decline yesterday to touch the symmetrical triangle’s support line that appears on the above chart, which is met by the EMA50 to add more strength to it, which supports the chances of bouncing bullishly to resume the main bullish trend, especially that stochastic moves near the oversold areas.
Therefore, we expect to witness positive trading in the upcoming sessions, and the targets begin by breaching 56.05 level to ease the mission of heading towards 58.37 followed by 60.00 levels mainly, taking into consideration that breaking 55.10 level will stop the suggested positive scenario and push the price to visit 50.98 level before any new positive attempt.
Expected trading range for today is between 54.00 support and 58.00 resistance.
Expected trend for today: Bullish
Origin: Economies
