Midday update for Crude Oil 11-01-2017
Economies.com
2017-01-11 11:11AM UTC
Crude oil price shows slight bullish bias heading towards a potential retest to 51.70 level, as long as the price below this level, so the negative pressure will remain valid in the upcoming period, supported by the EMA50, waiting for visiting 48.37 level mainly.
Stochastic positivity explains the reasons of the current positive fluctuation, taking into consideration that breaching 51.70 level will stop the current negative pressure and leads the price to regain its main bullish track.
Expected trading range for today is between 48.37 support and 52.10 resistance.
Expected trend for today: Bearish
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