Brent oil price rallied upwards strongly yesterday to breach 42.17 level and settles above it, in attempt to return to the correctional bullish trend again, but it faces solid resistance formed by the bearish trend line that appears on the chart, which might block the mission of achieving more gains.
Therefore, the contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaching 42.50 will push the price to continue rising and visit 43.00 followed by 43.84 levels initially, while breaking 42.17 will put the price under the negative pressure that targets testing 41.14 areas again.
The expected trading range for today is between 41.00 support and 43.50 resistance.
The expected trend for today: Depends on the above mentioned levels
Origin: Economies
