Brent oil price hovers around the EMA50, settling below 48.70 until now, noticing that stochastic provides positive signal on the four hours’ time frame, which forms positive factor that we expect to assist to push the price to continue the bullish trend in the upcoming sessions, organized inside the bullish channel that appears on chart.
Therefore, we will keep our bullish overview on the intraday and short term basis as long as the price is above 47.40 level, as breaking this level will push the price to suffer losses that might reach to 44.20 before any new attempt to rise, noting that the next target of the current bullish wave is located at 51.90.
Expected trading range for today is between 46.50 support and 51.00 resistance.
Expected trend for today: Bullish
Origin: Economie
