Brent oil price found solid resistance formed by the previously broken support of the bullish channel at 49.70 as appears on chart, which forced the price to provide some temporary negative trades, noticing that stochastic managed to get rid of its negativity and gain the positive momentum on the four hours’ time frame, while the EMA50 provides good positive support to the intraday and short term trading.
Therefore, we believe that the chances are valid to breach 49.70 level to confirm the return to the main bullish channel again, which will open the way to achieve gains that mainly start at 52.83, noting that holding above 47.85 represents the first condition to continue the expected bullish momentum for the upcoming period.
Expected trading range for today is between 47.85 support and 51.75 resistance.
Expected trend for today: Bullish
Origin: Economies
