Brent oil price traded with clear negativity on yesterday’s evening to approach testing the key support 73.58, noticing that stochastic gets rid of its negativity and shows clear oversold signals, while the EMA50 provides continuous positive support to the price.
Therefore, we believe that the chances are valid to rebound bullishly and resume the main bullish trend that moves organized inside the bullish channels that appear on the chart, waiting to target 77.50 level mainly, noting that it is important to hold above 73.58 to continue the suggested bullish wave.
Expected trading range for today is between 73.00 support and 76.50 resistance.
Expected trend for today: Bullish
Origin: Economies
