Brent Oil approaches from the first target – Analysis - 29-05-2017

Brent oil price continued the rise in the last sessions to approach from our first target at 52.71, noticing that stochastic and the EMA50 negativity might form an obstacle against the continuation of the rise, which might force it to provide some temporary negative trading before resuming the bullish bias.

Until now, the main bullish trend scenario remains valid on the intraday and short term basis unless breaking 50.96 level and holding below it, pointing that breaching 52.71 will open the way towards extending the gains towards 54.87 and go further towards 58.36.

Expected trading range for today is between 50.96 support and 54.87 resistance.

Expected trend for today: Bullish