Crude oil within tight track – Analysis - 18-12-2017

Crude oil price shows sideways and tight trades, settling above the EMA50 and above the correctional bearish channel's resistance that appears on the above chart, which supports the continuation of our bullish overview in the upcoming period, waiting to visit the recently recorded top at 59.00 as a next main station.

Therefore, we are waiting for more rise on the intraday and short term basis conditioned by the price stability above 56.70 level, reminding you that breaching the targeted level will extend oil price gains to reach 60.00 followed by 62.00 levels as next main targets.

Expected trading range for today is between 56.00 support and 59.00 resistance.

Expected trend for today: Bullish