Brent oil price provides some negative trading after testing 56.00 barrier yesterday, to fluctuate near 55.00 now, noticing that stochastic gains the positive momentum gradually to reach the oversold areas now, while the EMA50 keeps supporting the price from below, to protect the continutaion of trading inside the bullish channel.
Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, which targets 57.65 areas on the near term basis, taking into consideration that holding above 53.30 represents the most important condition to continue the expected rise.
Expected trading range for today is between 54.00 support and 57.50 resistance.
Expected trend for today: Bullish
Origin: Economies
