Crude oil gets the positive momentum – Analysis - 21-07-2017

Crude oil price ended yesterday's trading around 47.00 level after the positive attempt that it witnessed in the previous sessions to breach 47.30 level, noticing that stochastic reaches the oversold areas now, forming positive motive that we are waiting to assist to push the price to breach the mentioned level followed by confirming completing the double bottom pattern that appears on chart.

The EMA50 continues to support the price from below, therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, waiting for positive targets that start at 48.37 and extend to reach 50.00 followed by 52.50 on the short term basis, noting that breaking 46.30 level will stop the expected rise and push the price to test 44.80 – 44.10 areas before any new attempt to rise.

Expected trading range for today is between 45.80 support and 49.00 resistance.

Expected trend for today: Bullish