Brent oil price attempted to break the support base that was formed above the previously breached minor resistance line that appears on image, but it kept its stability above this level, which keeps the bullish trend valid until now, organized inside the bullish channel that carries trading from 27.09 recorded low.
Our next main target is located at 43.60, which represents 38.2% Fibonacci level for the entire decline measured from 70.31 to 27.09, which hints the importance of monitoring the price behavior when reaching it, as breaching this level represents the key of extending Brent oil price to reach 48.70 on the near term basis.
Expected trading range for today is between 39.00 support and 43.00 resistance.
Expected trend for today: Bullish
Origin: Economies
