Crude oil breaches the resistance – Analysis - 23-01-2018
Crude oil price rallied upwards to end yesterday’s trading above the correctional bearish channel’s resistance that appears on the chart, which we believe that it forms bullish flag pattern now that will motivate the price to resume the main bullish trend and stop the correctional bearish pressure that dominated the recent trades.
Therefore, the bullish trend will be expected in the upcoming sessions, and the targets begin by breaching 64.88 level to confirm opening the way to continue the bullish trend that its next target located at 66.15, taking into consideration that breaking 63.50 will put the price under the negative pressure again, to push the price to test the first correctional level at 62.80 again.
Expected trading range for today is between 63.00 support and 65.50 resistance.
Expected trend for today: Bullish
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