Brent oil price managed to achieve our first waited target at 75.20 and attempts to confirm breaching it, reinforcing the expectations of extending the bullish wave on the intraday and short term basis, affected by the previously completed inverted head and shoulders’ pattern, waiting to head towards our next target that reaches 77.70.
Stochastic negativity interprets the reasons of the current fluctuation, while the EMA50 provides the positive support to the price, to continue suggesting the bullish trend for the upcoming period, noting that failing to consolidate above 75.20 might press on the price to test 72.70 areas before any new positive attempt.
The expected trading range for today is between 74.00 support and 77.00 resistance.
The expected trend for today: Bullish
Origin: Economies
