Brent oil price resumes the bullish track – Analysis - 17-05-2022
Economies.com
2022-05-17 04:02AM UTC
Brent oil price breached 110.05 level strongly to move within the bullish channel that appears on the chart, on its way to test 115.10 as a first positive station, and we expect to surpass this level to continue the rise and head towards 119.00 followed by 121.30 levels as next main targets.
Therefore, we expect to witness more bullish bias in the upcoming sessions, noting that breaking 110.05 and holding below it will stop the suggested positive scenario and press on the price to turn to decline.
The expected trading range for today is between 110.50 support and 116.00 resistance.
The expected trend for today: Bullish
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