Crude oil leans on the channel's support – Analysis - 15-11-2017

Crude oil price continued its negative trading to test the bullish channel's support that rises now to 54.90, accompanied by witnessing positive signals now by stochastic, which supports the chances of bouncing bullishly to resume the main bullish trend, waiting to test 56.10 level initially, which breaching it represents the key to rally towards 59.60 as a next main station.

Therefore, we suggest the continuation of the overall bullish trend in the upcoming period conditioned by holding above 54.90 level, as breaking this level will push the price to suffer more losses on the short term basis.

Expected trading range for today is between 54.00 support and 57.50 resistance.

Expected trend for today: Overall Bullish