Brent oil price leans on the channel’s support – Analysis – 06/04/2020

neft-l2Brent oil price started today with big bearish gap as appears on the chart, but we notice that the price touched the intraday bullish channel’s support line and bounced upwards strongly from there, to resume the recently suggested bullish scenario, approaching to cover the mentioned gap, noting that we expect witnessing more rise today, on its way to visit 36.00 level that represents our next main station.

Therefore, the bullish trend scenario will remain valid and active in the upcoming sessions supported by the EMA50, noting that it is important to hold above 31.60 to continue the expected rise.

The expected trading range for today is between 32.00 support and 36.00 resistance.

The expected trend for today: Bullish

Origin: Economies

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