Crude oil resumes rising – Analysis - 21-11-2017

Crude oil price rebounds bullishly after retesting the minor bearish channel's resistance that appears on chart, and the price gets good positive support by the EMA50, while stochastic overlaps positively on the four hours' time frame.

Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming period, and the way is open to achieve our positive targets that start at 57.90 and extend to 60.50, taking into consideration that breaking 55.40 will stop the expected rise and push the price to start short term bearish correction.

Expected trading range for today is between 55.40 support and 59.00 resistance.

Expected trend for today: Bullish