Crude oil keeps its positive stability – Analysis - 23-02-2017

Crude oil price attempted to break 53.80 level yesterday, but it managed to bounce lower well to close the daily candlestick above it, which keeps our bullish trend expectations valid until now, supported by stochastic positivity besides the support that formed by the EMA50, waiting for heading to 55.27 initially.

We remind you that breaching 55.27 level will extend crude oil gains to reach 56.50 as a next main station, while breaking 53.80 level will push the price to test the critical support at 52.25 again before any new attempt to rise.

Expected trading range for today is between 53.00 support and 56.50 resistance.

Expected trend for today: Bullish