Brent oil price faced negative pressure yesterday to approach the key support 77.44, noticing that the price bounced bullishly to resume the positive trades and test the bearish channel’s resistance now, as the EMA50 formed good support against the price, to support the chances of continuing the rise and achieve additional gains that start by testing 81.00 level, noting that breaching this level will extend the bullish wave to reach 82.35 as a next main target.
Breaching 80.00 will ease the mission of achieving the suggested targets, noting that failing to achieve the breach might push the price to decline again and head to test 77.44 areas before any new positive attempt.
The expected trading range for today is between 78.60 support and 81.60 resistance.
The expected trend for today: Bullish
Origin: Economies
