Brent Oil needs the positive momentum – Analysis - 25-09-2017

Brent oil price resumed its positive trading to settle near 57.00$ per barrel barrier, reinforcing the expectations of continuing the bullish trend inside the main bullish channel that appears on chart, noting that stochastic negativity interprets the reasons of the current sideways fluctuation.

In general, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 55.90 level and holding below it, noting that the EMA50 keeps supporting the bullish wave that its next target located at 58.37, while breaking 55.90 represents negative factor that will push the price to visit 54.30 areas before any new attempt to rise.

Expected trading range for today is between 55.50 support and 59.00 resistance.

Expected trend for today: Bullish