Crude oil attempts positively – Analysis - 17-02-2017

Crude oil price provided calm positive attempts to move away gradually from the EMA50, approaching from the resistance of the triangle that appears in the above chart that located ay 53.85, as we mentioned in our last reports, the price needs to breach this level to confirm the continuation of the main bullish trend, which targets 55.27 then 56.50 mainly.

Therefore, our positive expectations will remain valid and active on the intraday and short term basis conditioned by holding above 52.00 level, pointing that breaking this level will push the price to test 48.37 levels before any new attempt to rise.

Expected trading range for today is between 52.00 support and 56.00 resistance.

Expected trend for today: Bullish