Brent Oil surpasses the psychological barrier – Analysis – 04.10.2016

a-1Brent oil price was few pips away from our first waited target at 51.20, showing some slight bearish bias to approach from retesting the previously breached resistance that turns into support now at 50.30 as appears on chart, while the EMA50 continues to provide the positive support to the price.

Until now, we will continue to suggest the bullish trend on the intraday and short term basis unless breaking 48.91 level and holding below it, noting that breaching 51.20 level will extend Brent oil gains to reach 52.83 as a next main station.

Expected trading range for today is between 48.91 support and 52.83 resistance.

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Expected trend for today: BullishOrigin: Economies

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