Brent oil price opens today’s trading positively to reach the thresholds of our first main waited target at 48.70, reinforcing the expectations of continuing the bullish trend that moves organized inside the bullish channel that appears on chart, noting that breaching the mentioned level will push the price to visit the mentioned channel’s resistance at 50.75 as a next main station, opening the way to extend the correctional bullish wave on the short term and medium term basis.
We should take into consideration that failing to breach 48.70 level will push the price to rebound bearishly and test areas around 46.45 before any new attempt to rise.
Expected trading range for today is between 47.00 support and 50.75 resistance.
Expected trend for today: Bullish
Origin: Economies
