Brent Oil awaits the breach – Analysis - 27-02-2017

Brent oil price hovers near the symmetrical triangle’s resistance without confirming breaching it until now, noticing that the EMA50 keeps providing positive support for the price, which keeps the chances valid for the continuation of the overall bullish scenario, waiting for breaching 56.25 then 56.95 levels to confirm opening the way towards achieving more of the gains on the short and medium term basis.

Therefore, the bullish trend will remain valid for today conditioned by holding above 54.95 level, pointing that the main waited targets begin at 58.37 and extend to 60.00.

Expected trading range for today is between 55.00 support and 59.00 resistance.

Expected trend for today: Bullish