Brent oil price rallied upwards clearly yesterday to succeed to touch our main waited target at 46.76 and close the daily candlestick above it, which reinforce the chances of continuing to achieve gains in the upcoming period, especially that the EMA50 provides positive support to the price now, to continue the domination of the bullish trend on the upcoming trading.
Our next main target is located at 49.25, which represents the previously broken support of the bullish channel that appears on chart, which means that breaching this level will confirm the price return to the main bullish trend that was stopped temporarily for the some bearish correction, noting that breaking 46.76 followed by 46.15 levels will stop the suggested bullish bias and push the price to return to the correctional bearish track again.
Expected trading range for today is between 45.00 support and 49.25 resistance.
Expected trend for today: Bullish
Origin: Economies
