Brent oil price managed to breach 52.83 level and settled with a daily close above it, to rally upwards strongly approaching from our extended target at 55.09, reinforcing the expectations of more rise on the short term basis.
Therefore, our bullish overview will remain valid for the upcoming period conditioned by the price stability above 52.83, noting that breaching 55.09 level represents the key to extend Brent oil price gains to reach 56.59.
Expected trading range for today is between 52.00 support and 56.00 resistance.
Expected trend for today: Bullish
Origin: Economies
