Brent oil price achieved good gains on last Friday to reach the thresholds of the main waited target at 49.21, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern, which means that the price has positive targets that surpass the mentioned level to reach 50.96 followed by 52.00 on the short term basis.
Therefore, we believe that the chances are valid to achieve more gains in the upcoming sessions supported by the EMA50, taking into consideration that the continuation of the expected rise depends on holding above 48.35 and the most important above 47.05.
Expected trading range for today is between 48.00 support and 50.96 resistance.
Expected trend for today: Bullish
Origin: Economies
