Brent oil price’s decline stopped after retesting the breached neckline of the inverted head and shoulders’ pattern that appears on the chart, to start providing new positive trades and attempts to resume the correctional bullish trend, approaching 73.80$ level now, waiting to breach this level to confirm opening the way to head towards 75.24$ followed by 76.68$ levels as next correctional targets.
Therefore, the bullish bias will be suggested for today, but we need to take into consideration that failing to breach 73.80$ will put the price under new negative pressure to head towards testing 72.00$ areas before any new attempt to rise.
The expected trading range for today is between 72.40$ support and 75.40$ resistance.
Trend forecast: Bullish
Origin: Economies
