Midday update for Brent Oil 23-02-2017

Brent oil price hovers near the critical resistance at 56.60, as we mentioned this morning, we wait for confirming breaching this level to rally to 58.37 that represents the initial target for the current bullish wave.

Therefore, the bullish trend will remain preferred on the intraday and short term basis, supported by the EMA50, reminding you that holding above 54.85 level is important for the continuation of the suggested bullish bias, and its targets extend to reach 60.00 after breaching 58.37 level.

Expected trading range for today is between 55.00 support and 58.37 resistance.

Expected trend for today: Bullish