Crude oil achieves good gains – Analysis - 22-06-2018

Crude oil price ended yesterday’s trading above 65.50, starting today with clear positivity on its way to test 67.22 level, hinting the attempt to achieve more gains on the intraday basis, supported by moving above the EMA50, but we notice that stochastic is overbought, which might form an obstacle against the current positive attempts.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaching 67.22 resistance will push the price to keep rising and target 69.36 level as a next main station, while breaking 65.50 support will reactivate the bearish trend scenario that its first target located at 63.78.

Expected trading range for today is between 65.00 support and 68.00 resistance.

Expected trend for today: Depends on the above mentioned levels