Midday update for Crude oil 16-11-2017

Crude oil price shows some slight bearish bias now to approach from testing the bullish channel's support, and as we mentioned this morning, holding above 55.00 is important to continue the expected bullish trend, as breaking it will push the price to target 54.50 and might extend to 52.45 levels on the near term basis.

In general, we will keep our positive overview for today conditioned by holding above 55.00, noting that breaching 55.90 will ease the mission of heading towards our first main target at 59.70.

Expected trading range for today is between 54.15 support and 57.50 resistance.

Expected trend for today: Overall Bullish