Brent oil price rallied upwards strongly to breach 77.80$ and stop the bearish wave mentioned in our recent reports, noticing that the price begins to attack the bearish channel’s resistance line to confirm the beginning of bullish correction on the intraday basis, targeting testing 38.2% Fibonacci correction level for the decline measured from 88.53$ to 75.78$, located at 80.65$, noting that breaching it will push the price towards the next correctional level at 82.15$.
Therefore, the bullish trend will remain suggested for today, taking into consideration that breaking 78.80$ will stop the bullish correction and push the price to the bearish channel again.
The expected trading range for today is between 78.00$ support and 81.00$ resistance.
Trend forecast: Bullish
Origin: Economies
