Brent Oil approaches from the resistance – Analysis - 21-02-2017

Brent oil price crawls to the upside to approach gradually from the symmetrical triangle’s resistance at 56.70, waiting for breaching this level to activate the positive effect of the mentioned pattern, then pushing the price to continue its main bullish track that its next targets located at 58.37 then 60.00.

Therefore, our bullish trend expectations will remain valid on the intraday and short term basis, supported by the EMA50, taking into consideration that holding above 54.70 represents an important condition of the continuation of the expected rise.

Expected trading range for today is between 54.70 support and 58.37 resistance.

Expected trend for today: Bullish