Brent Oil Continues to rise – Analysis – 12 April 2017

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brent crude oil chart - goldsilverreports

brent crude oil chart - goldsilverreportsBrent oil price resumes its positive trading after leaning on the intraday bullish channel’s support yesterday, to support the continuation of the rise in the upcoming sessions, we believe that the way is open for heading towards the recently recorded top at 58.36 as a next main target.

Therefore, we will keep preferring the bullish trend on the intraday and short term basis supported by the EMA50, being aware that holding above 54.87 level is important to guarantee not to return to the bearish correctional track again.

Expected trading range for today is between 54.87 support and 58.36 resistance.  

Expected trend for today: Bullish

Brent Oil Continues to rise – Analysis – 12 April 2017