Brent Oil is calm – Analysis - 17-01-2017

Brent oil price did not show any strong move yesterday affected by the weak trading volumes at the markets, to continue fluctuating around the EMA50, and the price still stable above the bullish flag's resistance, to keep the positive effect of this pattern active until now, waiting to resume the main bullish trend that its next target located at 58.37.

In general, the bullish trend scenario will remain valid for the upcoming period unless breaking 53.70 level and holding below it, supported by stochastic positivity that appears on the four hours' time frame, reminding you that breaching the targeted level will extend Brent oil price gains to reach 59.88 as a next main target.

Expected trading range for today is between 54.00 support and 58.37 resistance.

Expected trend for today: Bullish