Midday update for Crude oil 19-01-2018

Crude oil price shows positive trades since morning to move away from 23.6% Fibonacci correction level that forms key support at 62.80, hinting the attempt to resume the main bullish trend and get enough of the bearish correction that it achieved until now, especially that it is surpassing 63.60 barrier now, supported by stochastic positivity that appears on the four hours time frame.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaching 63.85 will push the price to achieve more gains and visit 64.87 level as a next main station, while breaking 63.60 will put the price under the correctional bearish pressure again, which its next target located at 61.51.

Expected trading range for today is between 61.51 support and 64.50 resistance.

Expected trend for today: Neutral