Crude Oil awaits more positivity – Analysis - 03-10-2016

Crude oil price resumed its positive trading after consolidating on 46.96 level, to begin testing 48.00$ per barrel barrier, reinforcing the expectations of continuing the main bullish trend, which its next main target located at the previously recorded top at 49.34, noting that breaching this level will push the price towards 51.65 direct.

Therefore, our bullish overview will remain valid and active supported by the EMA50, taking into consideration that breaking 46.96 level will stop the positive scenario temporarily to push the price to test 45.48 areas and might extend to 44.29 before any new attempt to rise.

Expected trading range for today is between 46.30 support and 50.00 resistance.

Expected trend for today: Bullish