Crude oil hits the first target – Analysis - 24-01-2018

Crude oil price touched our first waited target at 64.88 and shows some slight bearish bias from there, affected by stochastic negativity that appears on the four hours’ time frame, waiting to get enough positive momentum to push the price to continue rising in the upcoming sessions, noting that breaching the mentioned level will push the price towards 65.45 followed by 66.15 levels as next main stations.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis conditioned by holding above 63.55 and the most important above 62.80 levels.

Expected trading range for today is between 63.50 support and 66.15 resistance.

Expected trend for today: Bullish