Brent oil price declined strongly yesterday to reach the bullish channel’s support level that appears on chart, accompanied by witnessing clear oversold signals through stochastic, to start providing bullish rebound signals on the four hours’ time frame, which hints that the price is on its way to resume the main bullish trend again.
Therefore, the bullish bias will be suggested in the upcoming sessions, and the targets begin by surpassing 50.87 barrier to open the way to head towards 52.83 followed by 55.15 as next main stations, taking into consideration that breaking 48.30 level will push the price for more decline that its negative targets extend to reach 46.76 followed by 45.00 levels.
Expected trading range for today is between 47.50 support and 50.87 resistance.
Expected trend for today: Bullish
Origin: Economies
