Crude Oil needs a confirmation signal – Analysis - 28-10-2016

Crude oil price breached 49.34 level and closed the candlestick above it, to stuck trading between the mentioned level and the resistance barrier formed by the EMA50 at 50.10, which makes us stay aside temporarily in order to monitor the price behavior according to the mentioned levels, as the price needs to breach one of these levels to detect its next destination clearly.

Note that breaching 50.10 level will push the price to regain its main bullish track that its targets begin at 51.65 and extend to 53.92, while breaking 49.34 level will reactivate the intraday bearish trend scenario that targets testing 46.75 areas mainly before any new attempt to rise.

Expected trading range for today is between 47.00 support and 52.00 resistance.

Expected trend for today: Depends on the above mentioned levels