Brent Oil breaches the resistance – Analysis - 29-03-2017

Brent oil price achieved clear breach to 50.60 level and it settled above it, to complete minor positive formation that we believe it will push the price to test the most important resistance levels for the short term trading between 52.71 and 53.20 initially, which makes us expect a bullish trend in the upcoming sessions, supported by surpassing the EMA50.

Note that holding above 50.96 represents main condition for the continuation of the suggested rise, where breaking it will push the price to decline again and target 49.21 level mainly.

Expected trading range for today is between 50.00 support and 53.20 resistance.

Expected trend for today: Bullish