Brent Oil inside a continuation pattern – Analysis - 20-02-2017

Brent oil price shows sideways and weak trading recently, by looking deeper in the chart, we find that the price confined with symmetrical triangle pattern since the end of the last year, which means that breaching the resistance of this triangle at 56.75 will provide strong positive motive that reinforces the expectations for the bullish trend expectations on the short term basis, noticing that the EMA50 provides continuous positive motive for the price, while stochastic begins to overlap positively on the four hours time frame.

Therefore, these factors encourage us to keep the bullish trend expectations in the upcoming period, reminding you that our main targets begin at 58.37 and extend to 60.00, while achieving it conditioned by holding above 54.70 level.

Expected trading range for today is between 54.70 support and 58.37 resistance.

Expected trend for today: Bullish