Crude oil keeps its positive stability – Analysis - 15-12-2017

Crude oil price closed yesterday's trading above the key support 56.70 and above the correctional bearish channel's resistance that appears on the above chart, which supports the continuation of the main bullish trend scenario for the upcoming period, and the price needs to surpass 57.20 barrier to be released of the negative pressure formed by the EMA50 followed by opening the way to test 59.00 level that represents our first target.

Therefore, the bullish trend will be expected for today, and breaching the mentioned level will extend oil price gains to reach 60.00 followed by 62.00, while breaking 56.70 represents negative factor that will push the price for more bearish correction that its next target located at 55.23.

Expected trading range for today is between 56.00 support and 59.00 resistance.

Expected trend for today: Bullish