Brent oil price reaches the major channel’s support – Analysis - 19-02-2021
Brent oil price opened today’s trading with strong decline to break the intraday bullish channel’s support line and reaches the main bullish channel’s support line as appears on the chart, noticing that the price begins to rebound upwards in attempt to resume the main bullish track, supported by the EMA50 and stochastic positivity, waiting for more rise in the upcoming sessions.
Therefore, the bullish bias will be suggested for today, and the price needs to breach 63.30 to confirm the continuation of the rise and heading towards 66.00 areas mainly, noting that breaking 62.00 will stop the main positive scenario and press on the price to start correctional bearish wave.
The expected trading range for today is between 61.80 support and 64.50 resistance.
The expected trend for today: Overall Bullish
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