Brent oil price traded with strong positivity on last Friday confirming the continuation of the bullish wave on the intraday and short term basis, after the price leaned on the bullish channel’s support that appears on chart, to begin testing the key resistance 42.20, waiting to surpass this level to open the way to touch 38.2% Fibonacci level located at 43.60.
Therefore, the bullish trend will be expected for the upcoming sessions, supported by the EMA50 that carries the price from below, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaching it represents the key to extend the correctional bullish wave to reach to 47.80 as a next main station, while the positive scenario will remain valid unless breaking 39.80 followed by 38.05 levels and hold below them.
Expected trading range for today is between 40.00 support and 44.50 resistance.
Expected trend for today: Bullish
Origin: Economies
