Midday update for Brent Oil 18-01-2017
Economies.com
2017-01-18 10:58AM UTC
Brent oil price shows strong decline now to approach from the main bullish channel's support at 53.75, and as long as the price is above this level, the bullish trend scenario will remain valid for today, waiting to target 58.37 level as a next main station.
Therefore, we are waiting for positive trading for the rest of the day conditioned by the price stability above 53.75, as breaking this level represents negative pressure that will push the price to visit 51.00 level before any new attempt to rise.
Expected trading range for today is between 54.00 support and 58.37 resistance.
Expected trend for today: Bullish
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