Brent oil price’s recent trades are confined within bullish pennant pattern that its signs appear on the chart, thus, the price needs to breach 51.55 to reinforce the expectations of continuing the main bullish trend and open the way to head towards our positive targets that start at 52.45 followed by 53.85.
Therefore, we will continue to suggest the bullish trend for the upcoming period unless breaking 51.05 and holding below it, as breaking this level will put the price under negative pressure that targets testing 48.50 areas before any new attempt to rise.
The expected trading range for today is between 50.00 support and 53.00 resistance.
The expected trend for today: Bullish
Origin: Economies
