Brent oil price succeeded to touch our waited target at 80.65 and returns to fluctuate around 80.00 barrier, accompanied by stochastic getting the positive momentum on the four hours’ time frame, waiting to motivate the price to resume the main bullish trend, which its next target extends to reach 83.65.
Thus, we will continue to suggest the bullish trend on the intraday and short term basis, noting that holding above 78.00 represents key condition to continue the expected rise.
Expected trading range for today is between 78.50 support and 82.00 resistance.
Expected trend for today: Bullish