Crude oil builds support base – Analysis - 27-07-2017

Crude oil price succeeded to confirm breaching 48.37 level after closing the daily candlestick above it, which supports the continuation of the bullish trend scenario efficiently on the intraday and short term basis, waiting to continue achieving gains and head towards our next targets that reach to 50.00 followed by 52.50 levels mainly.

Therefore, the bullish trend will remain valid and active in the upcoming sessions supported by the EMA50, organized inside the bullish channel that appears on chart, taking into consideration that the continuation of the bullish wave depends on holding above 48.37 and 47.30 levels.

Expected trading range for today is between 47.30 support and 51.00 resistance.

Expected trend for today: Bullish