When we measure Fibonacci retracement for the bullish wave measured from the historical low at 27.09 reaching the recently recorded top at 52.83, we find that Brent oil price found solid support base at 23.6% Fibonacci correction level for the mentioned rise at 46.76 level, which pushes the price bullishly in attempt to regain its main bullish track, as it approaches now from testing the previously broken support line of the main bullish channel, which turns into resistance now at 49.20.
Therefore, we believe that the chances are valid to achieve more gains in the upcoming sessions, and the price needs to breach 49.20 to confirm extending the bullish wave towards 52.83 as a next main station, being aware that the mission of breaching 49.20 level won’t be easy, which urges caution when reaching it.
On the other hand, we should note that the suggested positive scenario will remain valid and active unless the price achieved clear break and hold below 46.76.
Expected trading range for today is between 46.76 support and 51.00 resistance.
Expected trend for today: Bullish
Origin: Economies
