Brent oil price retests the breached resistance of the bullish pennant pattern, accompanied by stochastic head towards the oversold areas, waiting to get positive motive that assists to push the price to resume the main bullish trend, which targets 47.60 level as a next main station.
Therefore, the positive scenario will remain valid and active for the upcoming period supported by the EMA50, while holding above 44.40 represents key condition to achieve the waited targets.
The expected trading range for today is between 44.00 support and 47.00 resistance.
The expected trend for today: Bullish
Origin: Economies
