Brent oil price managed to reach our first waited target at 70.00 and bounced bearishly to fluctuate at the main bullish channel’s support line, keeping its stability above it until now, noticing that the EMA50 protects trading inside this channel, while stochastic heads towards the oversold areas.
Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, waiting to surpass the above mentioned level to confirm rallying towards 72.65 as a next main station, noting that breaking 68.90 will stop the expected rise and press on the price to start bearish correction on the intraday basis.
The expected trading range for today is between 68.00 support and 71.00 resistance.
The expected trend for today: Bullish
Origin: Economies
