Midday update for Brent Oil 17-02-2017

Brent oil price falls under negative pressure to break the main bullish channel's support and trades below it, which urges caution from the upcoming trading, as holding below 55.75 will stop the recently suggested positive scenario and put the price under negative pressure that targets testing 50.98 areas before attempting to regain the main bullish trend.

In general, we will keep our bullish overview for the upcoming period conditioned by stepping above 55.75 again, to start the positive targets at 56.90 and extend to 58.37.

Expected trading range for today is between 54.50 support and 58.37 resistance.

Expected trend for today: Bullish