Midday update for Crude Oil 24-02-2017

Crude oil price shows slight bearish bias to approach from retesting the previously breached resistance that turns into a major support now at 53.70, as we mentioned this morning, holding above this level represents the first condition for the continuation of the positive expectations, where the EMA50 keeps supporting the price from below, while stochastic reaches the thresholds of the oversold levels.

Therefore, we keep preferring the bullish trend on the intraday and short term basis, reminding you that our main targets begin at 55.27 and extend to 56.50, while breaking 53.70 might push the price to test 52.40 levels before any new attempt to rise.

Expected trading range for today is between 53.00 support and 56.50 resistance.

Expected trend for today: Bullish