Crude oil faces solid resistance – Analysis - 15-02-2017

Crude oil price shows negative trading after facing strong resistance that formed by the bullish pennant flag’s resistance that located at 53.95, to fluctuate near the EMA50, and it might head to test the mentioned pattern at 51.90 before it returns to rise again.

In general, our bullish trend expectations remain valid in the upcoming period, depending on the stability above 51.90 level, where breaking this level will push the price to suffer more of the losses that reach 48.37 before any new attempt to rise, reminding you that breaching 53.95 level will activate the positive effect of the above mentioned pattern then push the price towards 55.27 then 56.50 levels mainly.

Expected trading range for today is between 51.20 support and 55.27 resistance.

Expected trend for today: Bullish