Brent oil price ended yesterday negatively to test the bullish channel’s support line, accompanied by stochastic reach to the oversold areas, waiting to motivate the price to resume the bullish wave and recover to achieve gains that start by breaching the bullish pennant’s resistance line at 85.40 and open the way to rally towards 86.85 followed by 89.00 levels.
Therefore, the bullish trend scenario will remain valid for the upcoming period, supported by the EMA50 that carries the price from below, noting that breaking 84.30 will stop the positive scenario and press on the price to turn to decline, to head towards achieving negative targets that start by testing 82.90 areas.
The expected trading range for today is between 83.00 support and 86.20 resistance.
The expected trend for today: Bullish
Origin: Economies
