Midday update for Brent oil 19-07-2017

Brent oil price keeps its stability above 48.28 level, while the EMA50 keeps supporting the price from below, to keep the chances valid to continue the bullish trend on the intraday and short term basis, waiting to test 49.50 again, noting that we need to breach this level to confirm rallying towards 50.72 that represents our next main target.

Therefore, the bullish trend will remain valid and active in the upcoming sessions conditioned by holding above 48.28, noting that breaking this level will push the price to test the most important support on the short term basis at 46.78 directly.

Expected trading range for today is between 47.50 support and 50.72 resistance.

Expected trend for today: Bullish