By rolling over the future contracts into June contracts, we find that Brent oil price breached 23.6% Fibonacci correction level at 23.66 and settled above it, to build support base above this level and heads to achieve more gains in the upcoming sessions, noting that the next target is located at 26.00.
Therefore, the bullish bias will be expected for today, supported by stochastic positivity, and breaching the targeted level will extend the bullish wave to reach 27.90, while holding above 23.66 represents key condition to achieve the suggested targets.
The expected trading range for today is between 23.00 support and 27.00 resistance.
The expected trend for today: Bullish
Origin: Economies
