Crude oil recovers – Analysis - 13-10-2017

Crude oil price rebounds bullishly after the decline that it witnessed yesterday, to start recovering and approach from 51.12 level again, as it gets positive motive provided by stochastic on the four hours' time frame, waiting to push the price to breach the mentioned level followed by confirming the continuation of the bullish wave on the intraday and short term basis.

Therefore, we believe that the chances are valid to continue rising in the upcoming sessions, noting that our main targets begin at 52.84 and extend to 54.10, taking into consideration that holding above 50.06 represents key condition to achieve the suggested targets.

Expected trading range for today is between 50.06 support and 53.00 resistance.

Expected trend for today: Bullish