Crude Oil faces the moving average – Analysis - 29-06-2016

Crude oil price achieved clear breach to 47.55 level and closed the daily candlestick above it, which activates the positive scenario on the intraday basis, opening the way for attempts to regain the main bullish trend, which its main targets begin by testing the previously recorded top at 51.65.

Therefore, the bullish bias will be expected for the upcoming sessions, and the price needs to surpass the EMA50 that forms intraday resistance at 48.30 to add more strength to the continuation of the expected rise, which will remain valid and active unless we witnessed clear breach and hold above 45.65.

Expected trading range for today is between 46.00 support and 51.65 resistance.

Expected trend for today: Bullish