Brent Oil succeeds to breach – Analysis - 20-07-2017

Brent oil price managed to breach 49.50 level and close the daily candlestick above it, which supports the continuation of our bullish overview efficiently in the upcoming period, paving the way to head towards our next main target at 50.72.

Therefore, the bullish trend will remain dominant on the intraday and short term basis, supported by the EMA50 that keeps carrying the bullish wave from below, noting that holding above the support base formed above 49.50 represents initial condition to continue the expected rise.

Expected trading range for today is between 48.28 support and 51.00 resistance.

Expected trend for today: Bullish