Brent oil price shows sideways trading recently to settle around 52.50, which pushes stochastic to get rid of its negativity and gain the positive momentum gradually on the four hours’ time frame, to support the chances of resuming the bullish trend in the upcoming sessions, which is organized inside the bullish channel that appears on chart.
Therefore, the bullish trend will remain valid and active on the intraday and short term basis supported by the EMA50, which targets 53.62 followed by 55.00 levels as next main stations, noting that breaking 51.43 will stop the expected rise and push the price to return to the correctional bearish track again.
Expected trading range for today is between 51.43 support and 55.00 resistance.
Expected trend for today: Bullish
Origin: Economies
