Brent oil price shows more positive trading to approach from our main waited target at 48.70, which represents 50% Fibonacci level for the entire decline measured from 70.31 to 27.09, which urges monitoring the price behavior carefully when reaching the mentioned target, as breaching this level represents positive factor that will extend Brent oil price to reach 53.80 as a next main station.
The EMA50 keeps providing the support to the price from below, which encourages us to suggest the continuation of the bullish bias in the upcoming period, which will remain valid and active unless breaking 45.20 and the most important 43.60 levels.
Expected trading range for today is between 46.00 support and 50.00 resistance.
Expected trend for today: Bullish
Origin: Economies
