Brent oil price within continuation pattern – Analysis – 04/06/2020

forex_news_neftBrent oil price’s recent trades confined within bullish pennant pattern that appears on the chart, which means that braeching 39.85 will form positive motive that supports the expectations of continuing the main bullish trend, to open the way to achieve our positive targets that start at 42.40 followed by 43.25.

The EMA50 supports the price from below and protects the suggested positive scenario, to continue suggesting the bullish trend for the upcoming period conditioned by the price stability above 39.00.

The expected trading range for today is between 38.00 support and 41.50 resistance.

The expected trend for today: Bullish

Origin: Economies

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