Brent oil price succeeded to achieve our first extended target at 77.75 and breached it to settle above it, reinforcing the expectations of continuing the domination of the bullish trend on its way to visit 78.90 as a next positive target.
Today’s negative start is affected by stochastic negativity, to test the support base formed above 77.75, noting that we suggest more bullish bias in the upcoming sessions conditioned by the price stability above this support, as breaking it will put the price under intraday negative pressure to head towards testing 76.80 areas before any new attempt to rise.
The expected trading range for today is between 76.20 support and 79.80 resistance.
The expected trend for today: Bullish
Origin: Economies
