Brent oil price faced strong negative pressure yesterday to reach 80.60$ areas, noticing that the price consolidated above the bullish channel’s support line that appears on the chart and begins to rise clearly by today’s open, to head towards resuming the main bullish trend, on its way to achieve positive targets that start at 82.80$ and extend to 84.00$.
Stochastic provides positive overlapping signal now that motivates the price to provide more expected rise in the upcoming sessions, noting that breaking 81.25$ and holding below it will stop the bullish wave and push the price to start bearish correction on the intraday basis.
The expected trading range for today is between 80.50$ support and 83.50$ resistance.
Trend forecast: Bullish
Origin: Economies
