Brent oil price rallied upwards strongly yesterday to breach 72.70 level and close the daily candlestick above it, to activate the positive scenario on the intraday and short term basis, on its way to test 75.20 as a first target.
On the other hand, we notice that the price completed forming inverted head and shoulders’ pattern that has positive targets that surpass the mentioned level to reach 77.70, which makes us expect to witness more rise in the upcoming period conditioned by the price stability above 72.70 – 72.35 levels.
The expected trading range for today is between 71.00 support and 75.20 resistance.
The expected trend for today: Bullish
Origin: Economies
