Crude Oil awaits the breach – Analysis - 24-10-2016

Crude oil price hovers around the EMA50 after the decline that appeared on last Friday's evening, keeping its stability above the psychological barrier at 50.00$ per barrel barrier, while stochastic shows the weakness of the bullish momentum on the intraday time frames, which might force the price to provide more sideways trading before attempting to resume the main bullish wave again.

In general, we will continue to suggest the bullish trend for the upcoming period unless breaking 49.34 level and holding above it, as breaking this level represents negative factor that will push the price to visit areas around 47.00 before any new positive attempt, reminding you that our waited positive targets begin at 51.65 and extend to 53.92.

Expected trading range for today is between 49.34 support and 53.00 resistance.

Expected trend for today: Overall Bullish