Midday update for Crude Oil 18-01-2017

Crude oil price traded with clear negativity to start testing the key support 51.60, and as we mentioned this morning, breaking this level will stop the recently suggested positive scenario and push the price to target 48.37 areas mainly.

Therefore, it is important to be cautious from the upcoming trading, especially in case the price continued its pressure on 51.60 level, noting that stochastic shows positive signals now that keep the chances valid to resume rising on the intraday and short term basis, and the price needs to surpass 52.00 barrier to reinforce the expectations of heading towards 55.27 initially.

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

Expected trend for today: Bullish