Crude Oil completes positive formation – Analysis - 09-12-2016

Crude oil price bounced bullishly after approaching from the main bullish trend line yesterday, to settle above 50.00$ per barrel barrier, as the price completed forming falling wedge that its signs appear on the minor image, which hints the price return to resume its main bullish track, waiting to test 51.65 initially.

Therefore, the bullish trend will be suggested in the upcoming sessions unless the price witnessed clear break and holding below 49.35 level, noting that breaching 51.65 will confirm opening the way to extend the bullish wave to target 53.92 areas as a next main station.

Expected trading range for today is between 49.35 support and 53.92 resistance.

Expected trend for today: Bullish