Brent oil price provided some negative trading after hitting 56.60 level yesterday, to move below the intraday bullish channel’s support that appears in the image, but we notice that stochastic managed to surpass its negativity and gaining the positive momentum on the four hours time frame, to provide positive motive that we wait to assist to push the price to return to the mentioned channel.
Therefore, we prefer witnessing positive trading in the upcoming sessions, supported by the EMA50, where its next main target located at 58.36, reminding you that holding above 54.87 level represents the most important condition for the continuation of the suggested bullish wave, where breaking it will put the price under the bearish correctional pressure, targeting 38.2% Fibonacci correction level at 52.71 again.
Expected trading range for today is between 54.87 support and 58.36 resistance.
Expected trend for today: Bullish
Origin: Economies
