Brent oil price continued to rise yesterday targeting the intraday bullish channel’s resistance that appears on the above chart, noticing that the EMA50 keeps supporting trading inside this channel, reinforcing the chances of continuing the bullish trend on the short term basis, as our next targets located at 56.95 followed by 58.36.
In general, the bullish trend will remain dominant in the upcoming sessions unless breaking 54.87 level and holding below it, which will push the price to turn back to the correctional bearish track again, targeting 52.71 areas initially before any new attempt to rise.
Expected trading range for today is between 54.87 support and 58.36 resistance.
Expected trend for today: Bullish
Origin: Economies
