Technical analysis: Brent oil prices are bullish in the short term

July 12th, Economies analysts’ latest views today: Brent oil prices rose yesterday, breaking through our expected target level of 78.90, and closing prices above this level, opening the way for short- and medium-term bullish markets.

The bullish channel shown on the chart further supports this view and our next target is 80.96.

Therefore, expect to see more bullish bias in the coming sessions, supported by EMA50.

It should be noted that the continuation of the bull market needs to remain above 78.90. Today’s expected trading range is 78.20-81.20.