Brent Oil tests the support – Analysis - 17-11-2017

Brent oil price returns to test the key support 60.95 now, which represents 38.2% Fibonacci correction level for the rise measured from 55.00 to 64.63, which urges caution from the upcoming trading, as breaking it will push the price to extend its bearish correction towards areas that might reach 58.67 before any new attempt to rise.

In general, the bullish trend scenario will remain active for today conditioned by holding above 60.95, noting that breaching 62.35 will confirm opening the way to test 64.63 that represents the first main target of the suggested bullish wave.

Expected trading range for today is between 60.00 support and 64.00 resistance.

Expected trend for today: Bullish