Brent oil price managed to reach our first waited target at 76.47, showing some slight bearish bias affected by stochastic negativity, while it keeps its stability inside the main bullish channel that appears on the chart.
Therefore, we believe that the chances are valid to resume the main bullish trend, noting that breaching 76.47 will extend the bullish wave to target 78.00 areas on the near term basis, taking into consideration that the continuation of the expected rise depends on holding above 74.00.
Expected trading range for today is between 74.50 support and 78.00 resistance.
Expected trend for today: Bullish
Origin: Economies
