Crude oil attempts to breach – Analysis - 13-02-2017

Crude oil price provides more of the positive trading to begin attempts to breach the bullish pennant flag’s resistance that we mentioned in our last reports, which located now at 53.80, reminding you that breaching this level will activate the positive effect of the mentioned pattern then leads the price to extend its gains on the short term basis, waiting for targeting 55.27 then 56.50 levels mainly.

Therefore, the bullish trend will remain valid efficiently in the upcoming period, pointing that stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected rise, which will remain valid unless breaking 51.75 level and holding below it.

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

Expected trend for today: Bullish