Crude oil recovers – Analysis - 23-02-2018

Crude oil price managed to breach 62.65 level and hold with a daily close above it, which confirms the continuation of the bullish trend on the intraday and short term basis, opening the way to return to the main bullish track, noting that the next target reaches 64.20.

Therefore, the bullish trend will remain expected for the upcoming sessions unless breaking 61.40 level and holding below it, noting that the EMA50 provides positive support to the suggested bullish wave.

Expected trading range for today is between 61.40 support and 64.20 resistance.

Expected trend for today: Bullish