Midday update for Brent Oil 29-03-2017

Brent oil price keeps its stability above 50.96 level, keeping the bullish trend scenario active for the rest of the day, pointing that stochastic provides positive overlapping signal that reinforces the chances for the continuation of the expected rise, waiting for targeting 52.71 then 53.20 levels mainly.

The EMA50 provides positive support for the price, taking into consideration that breaking 50.96 will put the price under the negative pressure again, to head towards testing 49.21 level directly .

Expected trading range for today is between 50.00 support and 53.20 resistance.

Expected trend for today: Bullish