Crude oil confirms the breach – Analysis - 31-07-2017
Crude oil price succeeded to touch our first waited target at 50.00, and it managed to close last week above the bullish channel's resistance that appears on chart, which supports the continuation of the bullish trend on the short term basis, paving the way to head towards our next target at 52.50.
Therefore, the bullish trend will remain dominant in the upcoming period supported by the EMA50, taking into consideration that holding above 48.37 represents key condition to continue the suggested rise, as breaking it will push the price to visit the bullish channel's support line around 45.70 before any new attempt to resume the main bullish trend.
Expected trading range for today is between 48.37 support and 52.50 resistance.
Expected trend for today: Bullish
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