Brent Oil hovers around the support – Analysis - 17-02-2017

Brent oil price attempted to break the main bullish channel’s support that appears in the above chart, but it managed to end yesterday’s trading above this level, which keeps the bullish trend scenario active until now, supported by stochastic positivity that appears on the four hours time frame, waiting for testing 56.90 level initially, and breaching it represents confirmation key for the price rally to 58.37 directly.

Therefore, we will keep preferring the bullish trend in the upcoming sessions conditioned by holding above 55.75 level, reminding you that breaking this level might push the price to visit 23.6% Fibonacci correction level at 50.98 before it returns to rise again.

Expected trading range for today is between 54.50 support and 58.37 resistance.

Expected trend for today: Bullish