Brent Oil resumes rising – Analysis - 09-12-2016

Brent oil price trades with clear positivity after retesting 52.83 yesterday, to resume the main bullish trend that moves organized inside the bullish channel that appears on chart, which gets continuous positive support by the EMA50, waiting for more positive trading on the short term and medium term basis.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions, and the next target is located at 56.59, reminding you that it is important to hold above 52.83 level to continue the suggested bullish wave.

Expected trading range for today is between 52.00 support and 56.00 resistance.

Expected trend for today: Bullish