Crude Oil breaches the resistance – Analysis - 13-01-2017

Crude oil price continued its positive trading to manage to breach 52.65 level and settles above it, which activates the bullish trend scenario on the intraday and short term basis, reinforcing the chances of resuming the main bullish trend that its next target located at 55.27, waiting to breach this level to open the way to head towards 56.50.

Therefore, the bullish bias will be suggested in the upcoming sessions supported by the EMA50, noticing that the price begins to breach the bullish flag pattern's resistance that appears on chart, which forms positive motive that we are waiting to assist to push the price to achieve our above mentioned targets, while the expected rise will remain valid unless breaking 51.90 followed by 51.30 levels and holding below them.

Expected trading range for today is between 51.90 support and 56.00 resistance.

Expected trend for today: Bullish