Brent oil price rallied upwards strongly yesterday to breach 72.06$ level and reach the thresholds of 73.90$ areas, to stop the recently suggested negative scenario and head towards achieving more expected rise in the upcoming period, noting that breaching the last level will push the price to visit 75.36$ areas on the near-term basis.
Moving above the EMA50 supports the expected rise, while failing to breach 73.90$ will force the price to decline again to head towards testing 72.06$ as a first negative station.
The expected trading range for today is between 72.20$ support and 75.20$ resistance.
Trend forecast: Bullish
Origin: Economies
