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Brent oil price resumes the rise – Analysis - 12-05-2021
Brent oil price bounced bullishly after leaning on the bullish channel’s support line, getting positive support by the EMA50 and stochastic, to reinforce the expectations of continuing the main bullish trend, which targets 71.35 levels as a next main station.
Holding above 67.75 is important to continue the expected rise, as breaking it will press on the price to achieve intraday decline that targets testing 66.00 areas before any new attempt to rise.
The expected trading range for today is between 67.40 support and 70.20 resistance.
The expected trend for today: Bullish
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