Brent oil price managed to touch our first positive target at 40.90, which represents the resistance line of the minor bullish channel that appears on chart, which might push the price to rebound bearishly and retesting the previously breached resistance of the main bearish channel that turns into support now at 38.80 before attempting to resume the bullish trend.
Stochastic negativity supports the chances of the mentioned bearish bias, noting that this decline will remain temporary unless the price managed to break 38.80 followed by 37.29 levels and return to the main bearish trend, while the positive targets of the current bullish wave extend to reach 42.20 then 43.60 levels on the near term basis.
Expected trading range for today is between 38.00 support and 43.60 resistance.
Expected trend for today: Bullish
Origin: Economies.com
