Brent oil price decline stopped yesterday near 23.6% Fibonacci correction level for the rise measured from 46.27 to 53.72, showing bullish rebound signals that supports the chances of resuming the main bullish trend, as stochastic provides positive overlapping signal on the four hours’ time frame, while the EMA50 continues to support the price from below.
Therefore, these factors encourage us to keep our bullish trend overview in the upcoming sessions, waiting to head towards our main waited target at 54.34, taking into consideration that breaking 51.96 level will extend the bearish correction to reach 50.87 and might extend to 50.00 before any new attempt to rise.
Expected trading range for today is between 51.20 support and 55.00 resistance.
Expected trend for today: Bullish
Origin: Economies
