Brent Oil leans on the support – Analysis - 18-07-2017

Brent oil price tested the key support base formed above 48.28 level after breaching it previously and begins to rebound bullishly from there, which supports the continuation of the expected bullish trend scenario efficiently in the upcoming period, supported by the positive signal provided now by stochastic, besides the continuous support provided by the EMA50.

Therefore, we believe that the chances are valid to breach 49.50 level and open the way to target 50.72 level as a next main station, noting that holding above 48.28 represents key condition to continue the rise on the intraday basis, as breaking it will push the price to test 46.78 areas before any new attempt to rise.

Expected trading range for today is between 47.50 support and 50.72 resistance.

Expected trend for today: Bullish