Crude oil gathers the positive momentum – Analysis - 12-01-2018

Crude oil price shows some bearish bias after testing the resistance lines that appear on the chart, on its way for a potential test to the intraday bullish channel's support line at 62.90 before turning back to rise again, as the EMA50 keeps providing the positive support to the price, while stochastic reaches the oversold areas now.

Therefore, these factors encourage us to keep our overall bullish overview, waiting to breach 64.25 to confirm opening the way to head towards 66.75, noting that breaking 62.80 will stop the suggested rise and push the price to extend its losses and visit 59.45 areas before any new attempt to rise.

Expected trading range for today is between 62.50 support and 65.50 resistance.

Expected trend for today: Bullish