Brent Oil leans on the support base – Analysis - 03-10-2016
Economies.com
2016-10-03 03:42AM UTC
Brent oil price bounced upwards clearly after retesting 48.91 level, to fluctuate around the psychological barrier at 50.00 now, waiting to surpass this level to confirm heading towards the next main target at 51.20.
The EMA50 keeps providing the positive support to the price, which encourages us to continue suggesting the bullish trend in the upcoming period, which its targets extend to 52.83, while the price needs to hold above 48.91 level to continue the bullish bias for today.
Expected trading range for today is between 48.50 support and 52.00 resistance.
Expected trend for today: Bullish
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