Midday update for Crude Oil 17-01-2017

Crude oil price trades with clear positivity moving away from the main bullish trend line, which supports the continuation of the bullish trend efficiently on the intraday and short term basis, and the way is open towards visiting 55.27 level that represents our first main target.

Therefore, the bullish trend will remain active for today supported by the EMA50, reminding you that holding above 51.90 and 51.35 levels represents an important condition for the continuation of the suggested rise.

Expected trading range for today is between 51.00 support and 55.27 resistance.

Expected trend for today: Bullish