Crude oil price remains confined between the minor bullish channel’s support located at 50.25 and the horizontal resistance at 51.20, as we mentioned this morning, the price needs to braech one of these levels to detect the next trend clearly, which makes us keep monitoring the price behavior according to the mentioned levels.
We remind you that breaking the mentioned support will push the price to head towards 50.00 then 48.65, while breaching the resistance is considered as a positive factor that will assist to push the trading to 54.45 mainly.
Expected trading range for today is between 50.00 support and 54.00 resistance.
Expected trend for today: Depends on the above mentioned levels