Brent oil price couldn’t manage to hold for long time below 92.74, to rebound upwards clearly and surpass the correctional bearish channel’s resistance that appears on the chart and settles above it, which leads the price to turn to rise and head to resume the main bullish trend again, on its way to achieve gains that start by visiting the recently recorded high at 96.05.
Therefore, we expect to witness more bullish bias in the upcoming sessions supported by the EMA50 that carries the price from below, noting that breaking 92.74 will stop the positive scenario and put the price under the correctional bearish pressure again.
The expected trading range for today is between 93.20 support and 96.20 resistance.
The expected trend for today: Bullish
Origin: Economies
