Midday update for Crude Oil 29-06-2016
Economies.com
2016-06-29 10:14AM UTC
Crude oil price begins the breaching process to the EMA50 now and attempts to hold above it now, reinforcing our expectations of the bullish trend that targets visiting the recently recorded top at 51.65, and the price needs a four hours’ close above 48.30 initially to add more confirmation to the continuation of the bullish bias for today.
In general, the bullish trend scenario will remain valid and active for the upcoming period conditioned by the price stability above 45.61 level, which represents 23.6% Fibonacci for the rise measured from 26.04 to 51.65.
Expected trading range for today is between 46.00 support and 51.65 resistance.
Expected trend for today: Bullish
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