Crude oil faces negative pressure – Analysis - 23-05-2018

Crude oil price traded negatively yesterday to move below the intraday bullish channel’s support, but we notice that the EMA50 keeps providing positive support for the price, while stochastic gets ready to provide positive overlapping signal on the four hours time frame.

Therefore, these factors encourage us to keep preferring the overall bullish trend in the upcoming period, the price needs to breach 72.25 level to ease the mission for heading towards our main targets that begin at 74.65 and extend to 76.50, being aware that the failure to breach the mentioned level will push the price towards 70.95 before any new positive attempt.

Expected trading range for today is between 71.00 support and 73.50 resistance.

Expected trend for today: Bullish