Brent Oil crawls upwards – Analysis - 16-11-2017

Brent oil price shows calm positive trading to approach the initial resistance at 62.35, and the price might need to breach this level to confirm opening the way to continue the main bullish trend, which its next target located at 64.63.

In general, we will continue to suggest the bullish trend in the upcoming period conditioned by holding above 60.95, as breaking this level will push the price to extend its bearish correction towards 58.67 arease before any new positive attempt, while breaching 64.63 represents the key to rally towards 70.00$ per barrel areas.

Expected trading range for today is between 61.00 support and 64.63 resistance.

Expected trend for today: Bullish