Brent oil price is recovering – Analysis - 21-06-2021

Brent oil price found solid support at 72.50 level, to rebound upwards strongly and surpass the minor bearish channel’s resistance that appears on the chart, which forms bullish flag pattern that supports the chances of turning back to the main bullish track, on its way to achieve gains that start at 74.90 and extend to 76.00.

Therefore, the bullish trend will be expected for the upcoming period supported by the EMA50, noting that the continuation of the bullish wave requires holding above 73.35 and the most important above 72.50.

The expected trading range for today is between 72.50 support and 75.50 resistance.

The expected trend for today: Bullish