Brent oil price didn’t show any strong move in the last sessions, to remain stable at the main bullish channel’s support that appears in the above chart, while stochastic returns to move at the oversold levels, to form positive motive that we wait to push the price to rise and move away from the current support levels.
Therefore, the bullish trend will remain preferred on the intraday and short term basis, and the waited targets begin by breaching 57.00 level to ease the mission for heading to 58.37 then 60.00 levels, taking into consideration that holding above 55.70 represents an important condition for the continuation of the suggested positive scenario.
Expected trading range for today is between 54.50 support and 58.37 resistance.
Expected trend for today: Bullish