Brent Oil needs strong positive motive – Analysis - 24-02-2017

Brent oil price continued to fluctuate around 56.60 level without managing to confirm breaching it until now, which shows the price need for strong enough positive motive to push trading to continue the main bullish trend, noting that the EMA50 keeps supporting the price from below.

In general, the bullish trend scenario still valid and active in the upcoming period as long as the price is above 54.85, reminding you that our main waited targets begin at the previously recorded top at 58.37 and extend to reach to the psychological barrier at 60.00$ per barrel after breaching the previous level.

Expected trading range for today is between 55.00 support and 59.00 resistance.

Expected trend for today: Bullish