Brent oil price could not manage to hold for long time above 48.28 level, to trade negatively and retest the previously breached intraday bearish trend line that turns into intraday support base as appears on chart, noticing that stochastic reaches the oversold areas now, forming positive factor that protects yesterday’s suggested positive scenario.
Therefore, our bullish overview will remain valid and active for today conditioned by the price stability above 46.78 and 46.41 levels, noting that breaching 48.28 will confirm rallying towards our positive targets that begin at 49.50 and extend to 50.72.
Expected trading range for today is between 46.40 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
