Brent oil price resumes its bullish rally to surpass our first target at 117.00 and confirms the continuation of the bullish trend domination on the intraday and short term basis, and the way is open to head towards 121.30 that represents our next main target.
Therefore, the positive overview will remain valid for the upcoming period, and the price gets continuous positive support by the EMA50, noting that failing to surpass 119.00 barrier might force the price to rebound bearishly and achieve some temporary bearish correction before turning back to rise again.
The expected trading range for today is between 117.00 support and 121.30 resistance.
Origin: Economies
