Brent Oil attempts to recover – Analysis - 24-07-2017

Brent oil price fell under strong negative pressure in the previous sessions to break 48.28 level and settle below it, but it found good support formed by the previously breached bearish trend line that appears on chart, accompanied by stochastic move at the oversold areas, which form positive factors that might assist to push the price to regain its main bullish track again.

Therefore, we believe that the chances are valid to trade positively in the upcoming sessions, and the targets begin by breaching 48.28 to ease the mission of heading towards our positive targets that reach to 49.50 and extend to 50.72, taking into consideration that breaking 47.50 will put the price under more negative pressure to test the most important support to the short term trading at 46.78 before any new attempt to rise.

Expected trading range for today is between 46.78 support and 50.72 resistance.

Expected trend for today: Bullish