Crude oil achieves good gains – Analysis - 16-10-2017
Economies.com
2017-10-16 03:47AM UTC
Crude oil price leaned on the support base formed above 51.12 and rallied upwards to start testing 52.00 barrier, to support the bullish trend scenario that its next target located at 52.84, noting that breaching this level will push the price towards the main bullish channel's resistance at 54.30 as a next main station.
Therefore, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 51.12 level and holidng below it, noting that the EMA50 provides good support to the suggested bullish wave.
Expected trading range for today is between 51.00 support and 54.00 resistance.
Expected trend for today: Bullish
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