Brent oil price traded with clear negativity yesterday’s evening to break 49.50 level and settle below it again, but we notice that stochastic enters the oversold areas now to provide positive factor that we expect to motivate the price to rise again, while the EMA50 keeps providing the positive support to the price.
Therefore, we believe that the chances are valid to trade positively in the upcoming sessions, and the price needs to breach 49.50 level to confirm opening the way to head towards our next target at 50.72, noting that failing to achieve the required breach will push the price to visit 48.28 level before any new positive attempt.
Expected trading range for today is between 48.28 support and 51.00 resistance.
Expected trend for today: Bullish
Origin: Economies
