Brent oil attempts to breach – Analysis – 27/02/2018

brent_1Brent oil price attempted to breach 67.68 level without managing to hold above it until now, to show sideways trading affected by stochastic negativity that blocks the price mission to rise, but we notice that the EMA50 continues to provide the positive support to the price, to protect trading inside the bullish channel that appears on the chart.

Therefore, we believe that the chances are valid to continue the bullish trend in the upcoming period, noting that our next main target reaches 69.08, while holding above 65.40 represents the most important condition to continue the expected rise.

Expected trading range for today is between 66.50 support and 69.08 resistance.

Expected trend for today: Bullish

Brent oil attempts to breach – Analysis - 27-02-2018

Origin: Economies

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