Brent oil price achieved strong break to the minor bullish channel’s support level, to decline strongly testing 54.75 levels, noticing that the decline stopped at the support base that formed above the previously- breached resistance that appears in the above chart, which provides signals for a potential rebound for resuming the main bullish track, especially that stochastic shows clear oversold signals now.
Therefore, we expect witnessing positive trading in the upcoming period conditioned by holding above 54.74 level, pointing that the expected bullish wave targets begin by surpassing 56.60 level to confirm opening the way towards 59.88.
Expected trading range for today is between 54.00 support and 58.00 resistance.
Expected trend for today: Bullish
Origin: Economies
