Crude oil needs confirmation signal – Analysis - 18-05-2017

Crude oil price couldn’t settle for long time below 48.37 level, to achieve intraday gains yesterday, but it faced strong resistance that formed by the EMA50 at 49.40, which confines the trading between these levels, as we mentioned in our last technical report, the price needs to breach one of these levels to detect its next trend clearly, which makes us stay aside temporarily until getting clearer confirmation signal for the next trend.

Note that breaking 48.37 support will turn the price to the bearish correctional track that its next target at 44.10, while breaching 49.40 resistance will make the price get rid of the negative pressure and leads the trading to target 52.70 then 55.27 mainly.

Expected trading range for today is between 47.50 support and 51.00 resistance.

Expected trend for today: Depends on the above mentioned level