Brent oil price managed to achieve our first waited target at 74.70 and breaches it to settle above it now, which supports the expectations of continuing the bullish trend on the intraday and short term basis, paving the way to head towards 76.00 that represents our next target, noting that surpassing this level will push the price to visit the previously recorded top at 77.80.
Therefore, we expect to witness more rise today, noting that failing to consolidate above 74.70 will put the price under potential negative pressure to head towards testing 72.75 areas again before any new attempt to rise.
The expected trading range for today is between 73.50 support and 76.50 resistance.
The expected trend for today: Bullish
Origin: Economies
