Midday update for Crude Oil 15-02-2017

Crude oil price hovers around the EMA50 since morning, while stochastic shows clear oversold signals on the four hours' time frame, to support the chances of bouncing bullishly and resume the main bullish trend.

Until now, the bullish trend scenario still valid as long as 51.90 remains intact, waiting to breach the key resistance 53.95 to ease the mission of heading towards our main targets that begin at 55.27 and extend to 56.50.

Expected trading range for today is between 51.20 support and 55.27 resistance.

Expected trend for today: Bullish