Crude oil approaches from the first target – Analysis - 18-10-2017

Crude oil price settles above 52.00 barrier after the bullish rebound from 51.12 areas that it witnessed yesterday, to keep the bullish trend scenario valid and active in the upcoming period, supported by the EMA50 that keeps carrying the price from below.

Therefore, we believe that the way is open to achieve our positive targets that begin at 52.84 and extend to reach 54.40 after breaching the previous level, taking into consideration that the continuation of the bullish wave depends on holding above 51.12.

Expected trading range for today is between 51.00 support and 54.00 resistance.

Expected trend for today: Bullish