Crude oil prepares to rise – Analysis - 29-03-2017

Crude oil price ended yesterday’s trading above 48.37 level, by looking deeper in the chart, we find that the last trading confined within falling wedge’s pattern that appears in the image, which means that breaching 48.60 resistance will activate the positive effect for this pattern then rallies to recover in the upcoming period.

Therefore, we prefer witnessing positive trading on the intraday basis, and the expected main target represented by testing 50.70 50.70 level, taking into consideration that the suggested positive scenario requires main conditions: first is breaching 48.60, and the second condition is holding above 48.37 level.

Expected trading range for today is between 47.00 support and 50.70 resistance.

Expected trend for today: Bullish