Midday update for Crude Oil 09-01-2017

Crude oil price trades negatively now to surpass the EMA50 and approaches from the intraday support that located at 52.50, which represents the first protection factor for the continuation of the suggested positive expectations in our last reports, reminding you that holding above 51.60 represents the most important condition for the bullish trend scenario continuation on the intraday and short term basis.

Until now, we keep preferring the bullish trend in the upcoming sessions if the price settled above 51.60, supported by stochastic approach from the thresholds of the oversold levels, reminding you that our main targets begin by surpassing 55.27 barrier to open the way towards 56.50 as a next main target.

Expected trading range for today is between 52.50 support and 56.00 resistance.

Expected trend for today: Bullish