Brent Oil attacks the resistance – Analysis - 22-02-2017

Brent oil price continued its positive attempts yesterday and attempted to breach 56.70 level, noticing that the price begins today with more of the positivity, to move above the mentioned level, activating the positive effect of the symmetrical triangle pattern that appears in the image, easing the way towards the continuation of the bullish trend on the short term basis.

Therefore, we wait for more of the upside track in the upcoming sessions, supported by stochastic and the EMA50 positivity, and the main targets begin at 58.37 and extend to 60.00, being aware that holding above 54.75 represents the most important condition for the continuation of the suggested positive scenario.

Expected trading range for today is between 54.70 support and 58.37 resistance.

Expected trend for today: Bullish