Midday update for Brent oil 18-07-2017

Brent oil price consolidated on 48.28 level again this morning and provide positive trading now, reinforcing the expectations of continuing the bullish wave on the intraday and short term basis, which gets positive support by stochastic, waiting to test 49.50 level initially, reminding you that breaching this level will push the price to head towards our next target at 50.72.

Holding above 48.28 represents the first condition to continue the expected rise, as breaking it will put the price under negative pressure to test the most important support to the short term trading at 46.78 before any new positive attempt.

Expected trading range for today is between 47.50 support and 50.72 resistance.

Expected trend for today: Bullish