Brent oil price retested 53.62 level and kept its stability above it, to start bouncing bullishly now, noticing that stochastic provides positive overlapping signal on the four hours’ time frame, motivating the price to achieve more gains in the upcoming period.
Therefore, we will keep our bullish overview organized inside the bullish channel that appears on chart, waiting to target 55.00 followed by 57.15 areas as next main stations, noting that the continuation of the bullish wave depends on holding above 53.62 and the most important above 52.70.
Expected trading range for today is between 53.00 support and 56.30 resistance.
Expected trend for today: Bullish
Origin: Economies
