Brent oil price keeps its stability above 48.70 level after a successful retest to this level, and trading bounced bullishly to settle above 49.00 barrier now, which supports the continuation of the bullish trend scenario efficiently for the upcoming period, reinforced by the EMA50 that provides the positive support to the price.
Therefore, the chances are valid to achieve more gains on the intraday and short term basis, and the next target is located at 51.00, taking into consideration that breaking 48.70 level will stop the positive overview temporarily to visit areas around 47.45 before turning back to rise.
Expected trading range for today is between 48.00 support and 51.50 resistance.
Expected trend for today: Bullish
Origin: Economies
