End of day analysis for Crude oil 18-08-2017

Crude oil price rallied upwards sharply to achieve strong gains, to breach 48.37 level and ends trading above it, which hints the price head to regain the main bullish track again, and it needs to breach the resistance barrier formed at the previously broken support that appears on chart to confirm the continuation of the bullish trend on the short term basis.

Therefore, we need to monitor the upcoming trading to get clearer signal for the next trend, noting that breaching 49.00 resistance will push the price to achieve positive targets that start at 50.00 and extend to 52.40, while breaking 48.37 support will reactivate the negative scenario that its next main target located at 45.40.