Crude oil achieves god gains – Analysis - 22-02-2017

Crude oil price traded with clear positivity yesterday to approach from our first main target at 55.27, to keep the bullish trend active on the intraday and short term basis, waiting for breaching the mentioned level to confirm the extensions of the bullish wave to 56.50 as a next main station.

The EMA50 supports the suggested bullish wave, pointing that stochastic attempts to get rid of its negativity and gaining the positive momentum on the four hours time frame, to support the expectations of the bullish trend continuation, taking into consideration that breaking 53.80 level will push the price to test 52.25 levels before any new attempt to rise.

Expected trading range for today is between 53.00 support and 56.50 resistance.

Expected trend for today: Bullish