Crude oil heads towards the support – Analysis - 24-07-2017

Crude oil price suffered sharp losses on last Friday to approach from the bullish channel's support that appears on chart, starting today with slight bullish bias that hints the attempt to resume the main bullish trend again, supported by the oversold signals that appear on stochastic.

Therefore, the overall bullish trend will remain expected on the short term basis unless breaking 44.95 level and holding below it, noting that breaching 46.20 will release the price from the current negative pressure and lead trading to achieve positive targets that start at 48.37 mainly.

Expected trading range for today is between 44.10 support and 48.37 resistance.

Expected trend for today: Bullish