Brent Oil faces the moving average – Analysis - 30-05-2017

Brent oil price succeeded to reach the first waited target at 52.71, facing negative obstacle formed by the EMA50 against the price attempts to rise, which might push the price to provide some temporary sideways trading until it manages to gain enough positive momentum to push the price to breach the mentioned level followed by opening the way to extend the bullish wave on the short term basis.

Therefore, our bullish overview will remain active for the upcoming period, noting that our extended targets reach to 54.87 followed by 58.36, while achieving them conditions holding above 50.96.

Expected trading range for today is between 50.96 support and 54.87 resistance.

Expected trend for today: Bullish