Crude oil gathers the positive momentum – Analysis - 12-10-2017

Crude oil price continues to fluctuate around 51.12 level and finds difficulty to confirm breaching it, noticing that stochastic attempts to get rid of its negativity gradually on its way towards the oversold areas, to support the chances of resuming the bullish trend in the upcoming sessions to breach the mentioned level followed by continue to achieve gains on the intraday and short term basis.

Therefore, we will keep our bullish overview unless breaking 50.06 level and holding below it, noting that the EMA50 keeps supporting the suggested bullish wave, which its next targets located at 52.84 and extend to 54.10.

Expected trading range for today is between 50.06 support and 53.00 resistance.

Expected trend for today: Bullish