Midday update for Crude Oil 13-02-2017

Crude oil price shows more slight bearish bias after testing the bullish pennant flag pattern’s resistance that appears in the image, while stochastic attempts to get rid of its negativity now, waiting for getting enough positive momentum to push the price to breach the mentioned pattern’s resistance at 53.80, then motivate the price to head towards our main targets that begin at 55.27 and extend to 56.50.

In general, we will keep our bullish trend expectations on the intraday and short term basis unless breaking 51.75 level, where breaking this level will push the price to test 48.37 levels before any new attempt to rise.

Expected trading range for today is between 52.00 support and 56.00 resistance.

Expected trend for today: Bullish