Brent oil price rallied upwards clearly yesterday to touch 77.44 level and settles there, as it found solid resistance there, getting positive support by the EMA50 that might push the price to surpass the mentioned level and achieve more gains, while stochastic shows negative signals that might hinder the mission to continue rising.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 77.44 will lead the price to achieve new positive targets that start at 79.30 and extend to 81.00, while breaking 76.30 support will push the price to resume the main bearish trend and head towards 75.10 followed by 72.80 levels as next main stations.
The expected trading range for today is between 75.50 support and 78.80 resistance.
The expected trend for today: Neutral
Origin: Economies
