Crude Oil continues to rise – Analysis - 26-05-2016

Crude oil price bounced bullishly after leaning on the minor bullish channel’s support that appears on chart, as the price gets continuous positive support by the EMA50, which protects trading inside the mentioned channel, reinforcing the continuation of our bullish overview efficiently for the upcoming period, opening the way to visit 51.10 followed by 53.30 levels mainly.

In general, we expect to continue witnessing gains for crude oil price on the short term and medium term basis, unless breaking 48.40 followed by 47.25 levels and holding below them.

Expected trading range for today is between 48.00 support and 52.00 resistance.

Expected trend for today: Bullish