Upside trend is expected for brent oil price

It seems that brent oil price will remain in a narrow corridor of $63.7-68 for a barrel.

Oscillator has sending bearish signals for since January. It means that it’s time for correction. However, there were no significant downside movements, so we assume a flat for oil price in mentioned diapason.

If the price breakout the corridor, it will be a strong signal for further movement to the direction of breakout.

We expect upside trend due to inverted Head and shoulders pattern.