Brent oil price breaches the resistance – Analysis - 09-10-2018

Brent oil price approached the bullish channel’s support that appears on the chart yesterday, and bounced upwards strongly after leaning on the EMA50, starting today with more bullish bias to breach 84.25 level and attempts to settle above it, which hints the return of the bullish trend domination on the intraday trades, waiting for more gains today.

Therefore, we expect the continuation of rising in the upcoming sessions conditioned by the price stability above 84.25 and 83.55 levels, noting that our next main target is located at 87.30.

Expected trading range for today is between 83.40 support and 86.00 resistance.

Expected trend for today: Bullish