Crude oil retests – Analysis - 13-12-2017

Crude oil price retested the previously breached resistance of the bearish channel that appears on the chart and kept its stability above it, noticing that the price begins today with bullish bias that hints resuming the main bullish trend, while stochastic begins to provide positive overlapping signal on the four hours' time frame.

Therefore, these factors encourage us to continue suggesting the overall bullish trend in the upcoming period, waiting to breach 59.00 level to confirm opening the way to head towards 60.00 followed by 62.00 levels, reminding you that breaking 56.70 will stop the expeted rise and push the price to target 55.23 areas initially before any new positive attempt.

Expected trading range for today is between 56.50 support and 60.00 resistance.

Expected trend for today: Bullish