Midday update for Brent Oil 03-10-2016

Brent oil price resumed its positive trading strongly to surpass 50.00$ barrier and reach the thresholds of the first main target at 51.20, which supports the continuation of our bullish overview efficiently in the upcoming period, reminding you that breaching the targeted level will lead the price to visit 52.83 level direct.

Therefore, the bullish trend scenario will remain valid on the intraday and short term basis supported by the EMA50, unless we witnessed clear break and holding below 48.91.

Expected trading range for today is between 48.50 support and 52.00 resistance.

Expected trend for today: Bullish