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Brent oil price touches the target – Analysis - 21-05-2020
Brent oil price moves within an intraday bullish channel that appears in the image, getting a positive support from the EMA50, while stochastic begins providing new positive overlapping signals.
Therefore, these factors encourage us to prefer the continuation of the bullish trend domination in the upcoming period, pointing that breaching the above mentioned level will exted the bullish wave to reach 38.25, while breaking 35.15 represents a negative factor that will push the price to begin a bearish correctional wave on the intraday basis before resuming the main bullish trend.
The expected trading range for today is between 34.50 support and 38.00 resistance.
The expected trend for today: Bullish
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