Brent Oil succeeds to breach – Analysis - 30-09-2016

Brent oil price managed to breach the falling wedge resistance mentioned yesterday, which motivated the price to rally upwards strongly to surpass 48.91 barrier and settles with a daily close above it, which reinforces our positive overview on the intraday and short term basis, as the price started to test the psychological barrier at 50.00$ per barrel, waiting to surpass this barrier to ease the mission of heading towards our next main target at 51.20.

Therefore, our bullish overview will remain valid and active in the upcoming period, supported by the EMA50, noting that holding above 48.91 level represents key condition to continue the expected rise for the upcoming period.

Expected trading range for today is between 48.00 support and 52.00 resistance.

Expected trend for today: Bullish