Crude Oil tests the major support – Analysis - 16-01-2017

Crude oil price fluctuates around the EMA50, keeping its stability above the main bullish trend located now at 51.80, accompanied by stochastic approach from the oversold areas, which forms positive factor that we are waiting to keep the positive scenario valid for the upcoming period, organized inside the bullish channel that appears on chart.

Therefore, we are waiting for positive trading on the intraday and short term basis, and the targets begin at 55.27 and extend to 56.50, taking into consideration that breaking 51.80 followed by 51.25 levels will stop the expected rise and push the price to visit 48.37 level before any new attempt to rise.

Expected trading range for today is between 51.25 support and 55.27 resistance.

Expected trend for today: Bullish