Crude oil keeps rising – Analysis - 20-07-2017

Crude oil price managed to surpass 47.00 barrier and settles above it, and by taking a deeper look at the chart, we find that the price draws positive technical formation that its confirmation line located at 47.30, which means that breaching this level will motivate the price to rally to achieve more rise on the short term basis, to surpass our main waited target at 48.37 and head towards areas that start at 50.00 to extend to 52.50.

Therefore, we will continue to suggest the bullish trend on the intraday and short term basis supported by the EMA50, noting that breaking 46.05 will stop the suggested rise and push the price to test 44.65 – 44.10 areas before any new attempt to rise

Expected trading range for today is between 46.05 support and 49.50 resistance.

Expected trend for today: Bullish