Crude Oil gathers the positive momentum – Analysis - 27-05-2016

Crude oil price attempted to breach 50.00 barrier without managing to confirm this breach, to show some slight bearish bias and consolidate again on the minor bullish channel’s support that appears on chart, noticing that stochastic attempts to gather the positive momentum on the intraday time frames, offering positive motive that we are waiting to assist to push the price to achieve gains in the upcoming period.

Therefore, we believe that the chances are valid to trade positively on the intraday and short term basis, and the targets begin at 51.10 followed by 53.30, reminding you that it is important to hold above 48.40 and 47.25 levels to achieve the suggested targets.

Expected trading range for today is between 47.80 support and 52.00 resistance.

Expected trend for today: Bullish