Midday update for Brent Oil 20-02-2017

Brent oil price provides positive attempts now supported by the positive overlapping signal that comes from stochastic, to keep the bullish trend active for the rest of the day, waiting for testing 56.75 level that represents the symmetrical triangle’s resistance that appears in the image, and breaching it represents the key for the price rally towards our positive targets that begin at 58.37 and extend to 60.00.

In general, the positive scenario will remain valid on the intraday and short term basis unless breaking 54.70 level and holding with a daily close below it.

Expected trading range for today is between 54.70 support and 58.37 resistance.

Expected trend for today: Bullish