Brent oil price activates the positive pattern – Analysis – 05/06/2020

neft-l4Brent oil price managed to breach the bullish pennant’s resistance that its signs appear on the chart and settled above it, to get good positive motive that supports the expectations of continuing the main bullish trend, paving the way to achieve our waited targets that start at 42.40 and extend to 43.25.

Therefore, the bullish trend will remain valid for the upcoming period supported by the EMA50, conditioned by the price stability above 39.00.

The expected trading range for today is between 39.00 support and 42.00 resistance.

The expected trend for today: Bullish

Origin: Economies

Leave a Reply