Midday update for Brent Oil 22-02-2017

Economies.com
2017-02-22 11:39AM UTC

Brent oil price fluctuates near the main bullish channel’s support that appears in the image after the attempt of breaching the symmetrical triangle’s resistance that appears in the image, and the price needs enough positive momentum to push the trading to resume the bullish trend, pointing that the EMA50 continues to provide positive support for the price.

 

Therefore, the bullish trend scenario will remain in the upcoming period if the price settled above 54.75 level, waiting for testing the recorded top at 58.37 initially, and breaching it represents the heading key towards the psychological barrier at 60.00$ per barrel.

 

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

 

Expected trend for today: Bullish

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