Brent Oil approaches from the first target – Analysis - 17-07-2017

Brent oil price shows sideways trading to approach gradually from our first waited target at 49.50, as the price moves inside the bullihs channel that carries the price from 44.35 low, which hints that the price is on its way to surpass the mentioned target to extend the bullish wave towards 50.72 as a next main station.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis, noting that breaking 48.28 will stop the expected rise and push the price to test the key support 46.78 before any new positive attempt.

Expected trading range for today is between 47.90 support and 50.72 resistance.

Expected trend for today: Bullish