Brent oil price declined strongly yesterday after touching 118.80 level, to achieve some bearish correction that stopped at 108.85 level, to start the attempt to rise again now, which supports the chances of resuming the main bullish wave, which its next target located at 120.00.
Therefore, we expect to witness positive trades today, and breaching 112.65 will reinforce the chances of continuing the expected rise, while breaking 108.85 represents the key to achieve additional bearish correction that its next target located at 105.80.
The expected trading range for today is between 109.00 support and 117.00 resistance.
The expected trend for today: Bullish
