Brent oil surpasses the psychological barrier – Analysis - 16-01-2018

Brent oil price managed to get daily close above 70.00, which forms positive signal that supports the continuation of the overall bullish trend, which moves inside the bullish channel that appears on the chart, waiting to visit 71.45 level as a next main target.

The EMA50 keeps supporting the price from below, while stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected rise, which will remain valid and active unless we witnessed clear break and hold with a daily close below 68.70.

Expected trading range for today is between 68.70 support and 72.00 resistance.

Expected trend for today: Bullish