Brent Oil negotiates the resistance – Analysis - 23-02-2017

Brent oil price keeps fluctuating near the main bullish channel’s support, which meets the resistance of the symmetrical triangle that appears in the above chart, and we still waiting for a confirmed breach to 56.60 level to reinforce the expectations for the continuation of the bullish trend on the short and medium term basis, waiting for visiting 58.37 level as an initial main target.

In general, we keep preferring the bullish trend in the upcoming period conditioned by holding above 54.85 level, and the price gets good positive momentum from the EMA50, pointing that breaching 58.37 will push the price to visit the psychological barrier at 60.00 as a next main station.

Expected trading range for today is between 55.00 support and 58.37 resistance.

Expected trend for today: Bullish