Brent Oil breaks the support – Analysis - 26-05-2017

Brent oil price achieved strong break to 52.71 level, to head towards the next key support 50.96 direct, as it found solid support base that stopped the price from suffering more losses, to make the chances valid to rally again and attempt to recover on the short term basis.

Therefore, we expect to witness positive trading in the upcoming sessions, and the targets begin by testing 52.71 level, noting that breaching this level will confirm regaining the main bullish trend that its next target located at 54.87, while breaking 50.96 will push the price to head towards 49.21 direct.

Expected trading range for today is between 50.00 support and 53.50 resistance.

Expected trend for today: Bullish