Midday update for Brent oil 23-10-2017

Brent oil price shows some slight bearish bias affected by stochastic negativity, and it might lean to the main bullish channel's support around 57.00 before turning back to rise again.

Until now, the bullish trend scenario still suggested on the short term basis unless breaking 57.00 followed by 55.91 levels and holding below them, reminding you that we need to breach 58.30 level to reinforce the chances of heading towards our the suggested bullish wave targets, which start at 59.48 and extend to reach 61.50.

Expected trading range for today is between 56.50 support and 60.00 resistance.

Expected trend for today: Bullish