Brent oil price traded with strong negativity by today’s opening, and by looking at the minor image, we find that the price made a bearish correction for the last bullish wave that start from 31.57 areas, as it leaned on 61.8% Fibonacci correction level to start recovering now, which hints the price is on its way to achieve intraday gains today.
Therefore, we expect the continuation of the bullish bias in the upcoming sessions, noting that breaching 36.80 will confirm the continuation of the positive trades towards 40.00 followed by 41.17 areas, while breaking 34.80 and holding below it represents negative factor that will press on the price to suffer losses that start by testing the recently recorded low at 31.57.
The expected trading range for today is between 33.50 support and 38.00 resistance.
The expected trend for today: Bullish
Origin: Economies
