Crude Oil around the moving average – Analysis - 05-07-2016

Crude oil price fluctuates around the EMA50 after facing a minor bearish channel’s resistance that its signs appear through the above chart, which we believe that it forms a continuation bullish flag that we are waiting to assist to push the price to resume the main bullish trend, waiting to breach this channel’s resistance at 49.55 to activate the positive effect of the mentioned pattern.

Stochastic gets rid of its negativity clearly to approach from the thresholds of the oversold areas, which forms positive factor that we expect to motivate the price to achieve the required breach.

Therefore, our bullish overview will remain valid on the short term and medium term basis conditioned by the price stability above 45.61 level, reminding you that our main waited targets begin at 51.65 and extend to 53.92.

Expected trading range for today is between 47.00 support and 51.65 resistance.

Expected trend for today: Bullish