Midday update for Crude Oil 23-05-2017

Crude oil price shows some slight bearish bias since morning affected by stochastic negativity, noticing that the index is getting rid of its negativity clearly to reach the thresholds of the oversold areas, reinforcing the expectations of continuing the overall bullish trend, reminding you that the price is affected by the previously inverted head and shoulders' pattern, waiting to head towards 52.20 initially.

Holding above 49.60 is important to continue the suggested rise, while breaching 52.20 represents the key to extend the bullish wave to reach 55.27 on the near term basis.

Expected trading range for today is between 49.60 support and 53.50 resistance.

Expected trend for today: Bullish