Crude Oil on the thresholds of the waited target – Analysis - 28-06-2016

Crude oil price came few pips away from our main waited target at 45.65, to show some bullish bias now affected by stochastic positivity, which might assist to push the price to resume its main bullish track after the correctional decline that started from 51.65 high.

On the other hand, we find the EMA50 forms negative pressure against the price to block the positive attempts, therefore, this contradiction between the technical factors make us prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 45.65 support and 47.55 resistance.

Note that breaking the mentioned support will extend the correctional bearish wave to target 41.93 areas as a next main station, while breaching 47.55 resistance will open the way to attempts to regain the main bullish trend that its main targets begin at 51.65.

Expected trading range for today is between 44.50 support and 49.00 resistance.

Expected trend for today: Depends on the above mentioned levels