Brent oil price succeeded to breach 43.60 level and closed the daily candlestick above it, which confirms the extension of the correctional bullish trend organized inside the bullish channel that appears on image, opening the way to target 50% Fibonacci at 48.70 as a next main station.
Stochastic current negativity might push the price for some sideways fluctuation and test the support base formed above 43.60 before resuming the bullish trend that gets continuous support by the EMA50, noting that holding above 43.60 and 42.20 levels represents main condition to continue the bullish momentum in the upcoming sessions.
Expected trading range for today is between 43.00 support and 47.00 resistance.
Expected trend for today: Bullish
Origin: Economies
