Brent oil price approached our first waited target at 73.70 and bounced upwards strongly from there, to settle above the bullish channel’s support line again, which stops the correctional bearish scenario and leads the price to return to the main bullish track again, expecting to visit 76.55 level initially.
Therefore, we expect to witness positive trades in the upcoming sessions supported by moving above the EMA50, noting that breaking 74.65 will put the price under the correctional bearish pressure again.
The expected trading range for today is between 74.00 support and 76.55 resistance.
The expected trend for today: Bullish
Origin: Economies
