Crude Oil resumes rising – Analysis - 30-09-2016

Crude oil price traded with strong positivity yesterday after leaning on the key support base at 46.96 and regain trading above it, which supports the continuation of our bullish trend expectations efficiently for the upcoming period, and the way is open to head towards the previously recorded top at 49.34.

Therefore, the bullish bias will remain suggested on the intraday and short term basis supported by the EMA50, taking into consideration that breaking 46.96 level will push the price to test 46.00 areas and might extend to 45.48 before any new attempt to rise.

Expected trading range for today is between 46.00 support and 50.00 resistance.

Expected trend for today: Bullish