Crude oil resumes rising – Analysis - 23-10-2017

Crude oil price rallied upwards clearly to settle above 52.00 barrier again, to support the continuation of the bullish trend scenario in the upcoming period, organized inside the bullish channel that appears on chart, and the way is open to visit 52.84 level that represents our next main target, reminding you that breaching this level will push the price to target 55.27 areas on the near term basis.

Therefore, the bullish trend will remain suggested and dominant for today unless breaking 51.12 level and holding with a daily close below it.

Expected trading range for today is between 51.00 support and 54.00 resistance.

Expected trend for today: Bullish