Brent oil price resumed its positive trading clearly yesterday to reach our first waited target at 73.80$, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that supports the chances of breaching the mentioned level to open the way to achieve more bullish correction, to target 75.24$ followed by 76.68$ levels as next positive stations.
Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 72.00$ will stop the positive scenario and push the price to resume the main bearish trend again.
The expected trading range for today is between 72.10$ support and 75.20$ resistance.
Trend forecast: Bullish
Origin: Economies
