Brent oil price bounced upwards strongly after approaching our first waited negative target at 74.35, to breach 77.44 followed by the bearish channel’s resistance line and settles above it, which stops the negative scenario suggested yesterday and lead the price to turn to rise, on its way to achieve positive targets that start at 79.60 and extend to 81.00.
Stochastic current negativity might cause some sideways fluctuation before resuming the expected bullish trend for today, noting that breaking 77.44 will stop the expected rise and push the price to decline again.
The expected trading range for today is between 77.00 support and 80.10 resistance.
The expected trend for today: Bullish
Origin: Economies
