Brent oil price bounced lower after testing 54.37 level yesterday, to approach from leaning on the intraday bullish channel’s support that appears in the image, accompanied by stochastic reach to the oversold levels, to form positive factor that we expect to assist to push the price to resume the bullish trend.
In general, we prefer witnessing positive trading in the upcoming period if the trading settled above 53.60 and 52.71 levels, pointing that breaching 54.87 level will confirm opening the way towards visiting the previously recorded top at 58.36 as a next main target.
Expected trading range for today is between 52.71 support and 56.50 resistance.
Expected trend for today: Bullish
Origin: Economies
