Brent Oil approaches from key resistance – Analysis - 23-10-2017

Brent oil price resumed its positive trading after testing the main bullish channel's support that appears on chart, approaching from key resistance located now at 58.30, and the price needs to beach this level to ease the mission of continuing the main bullish trend on the intraday and short term basis.

In general, we will continue to suggest the bullish trend in the upcoming sessions conditioned by the price stability above 57.00 and the most important above 55.91, noting that our main targets begin at 59.48 and extend to 61.50.

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

Expected trend for today: Bullish