Crude Oil gathers the positive momentum – Analysis - 18-01-2017

Crude oil price returns to fluctuate near the EMA50 after testing 53.00 barrier, and the price keeps its stability above the main bullish trend line that located at 52.00 now, which represents the key factor that keeps the bullish trend scenario valid until now, waiting for getting enough positive momentum that pushed the price to resume the main bullish trend.

Until now, we keep preferring the bullish bias in the upcoming sessions supported by the EMA50 and stochastic approached from the oversold levels, waiting for targeting 55.27 then 56.50 levels mainly, taking into consideration that breaking 52.00 then 51.60 levels will stop the expected rsie and pushes the price to head towards 48.37 directly.

Expected trading range for today is between 51.00 support and 55.27 resistance.

Expected trend for today: Bullish