Crude oil around the main resistance – Analysis - 16-01-2018
Economies.com
2018-01-16 05:21AM UTC
Crude oil price hovers around the main bullish channel's resistance, noting that the price got a daily close above this level, which reinforces the expectations of continuing the main bullish trend in the upcoming sessions, which its next target located at 66.75.
Therefore, we will continue to suggest the bullish trend on the intraday and short term basis, organized inside the minor bullish channel that appears on the above chart, supported by the EMA50 that keeps carrying the price from below, noting that holding above 63.60 represents key condition to continue the expected rise.
Expected trading range for today is between 63.20 support and 66.75 resistance.
Expected trend for today: Bullish
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