Crude oil gets a positive signal – Analysis - 28-12-2017

Crude oil price returns to rise after approaching 59.00 barrier yesterday, which keeps the bullish trend scenario valid on the intraday and short term basis, organized inside the bullish channel that appears on the above chart, getting continuous positive support by the EMA50, besides the positive signal provided now by stochastic.

Therefore, we believe that the way is open to head towards 62.25 that represents our next main target, reminding you that breaking 59.00 will stop the suggested rise and push the price to test 57.15 areas before any new attempt to resume the bullish trend.

Expected trading range for today is between 59.00 support and 62.00 resistance.

Expected trend for today: Bullish