Brent oil price opened today’s trading with strong rise to start attacking 41.36 level, noticing that the price surpassed 23.6% Fibonacci correction level for the decline measured from 46.53 to 39.48, and by taking a deeper lookg at the chart, we find that the price draws double bottom pattern that its confirmation line located at 41.36.
Therefore, these factors encourage us to suggest the bullish trend for the upcoming period, which targets 42.17 followed by 43.00 levels as next main stations, noting that breaking 41.14 and holding below it will stop the suggested rise and press on the price to decline again.
The expected trading range for today is between 40.00 support and 43.00 resistance.
The expected trend for today: Bullish
Origin: Economies
