Brent oil price continued its bullish rally strongly to surpass 52.00 barrier and settle above it, to approach gradually from our main waited target at 53.80, which breaching it represents the key to extend the price gains on the longer term basis, to start testing the main bullish channel’s resistance at 54.50.
Therefore, we expect the continuation of the bullish trend in the upcoming period, supported by the EMA50 that keeps carrying the price from below; noting that holding above 50.10 represents key condition to achieve the suggested targets.
Expected trading range for today is between 51.00 support and 54.50 resistance.
Expected trend for today: Bullish
Origin: Economies
