Brent Oil Price Analysis
Expected Scenario
Brent oil price tested the bullish channel’s support line and kept its stability above it, starting today with bullish bias in attempt to resume the bullish wave within the bullish channel that appears on the chart, noticing that stochastic overlaps positively to motivate the price to achieve more rise in the upcoming sessions, reminding that our next main target is located at 87.67$.
The EMA50 continues to support the expected bullish trend, noting that breaking 84.77$ will stop the suggested rise and push the price to start bearish wave that targets 82.42$ areas on the near-term basis.
Expected Trading Range
Between 85.00$ support and 87.80$ resistance.
Trend Forecast: Bullish
Origin: Economies
