Midday update for Brent Oil 24-02-2017

Brent oil price didn’t show any strong move since morning, to keep fluctuating near the symmetrical triangle’s resistance that appears in the image, and we still waiting for breaching this resistance at 56.60 to reinforce the expectations for the main bullish trend continuation.

Therefore, we keep preferring the bullish bias in the upcoming sessions, supported by the EMA50, waiting for testing 58.37 level initially, reminding you that holding above 54.85 represents an important condition for the continuation of the expected rise.

Expected trading range for today is between 55.00 support and 59.00 resistance.

Expected trend for today: Bullish