Crude oil achieves clear gains – Analysis - 23-08-2018

Crude oil price settles around 68.06 level after the bullish rally that it witnessed yesterday, to keep the price stuck between the trend keys represented by the mentioned resistance and 66.90 support, which keeps our neutrality valid until now, waiting to braech one of the mentioned levels to detect the next destination clearly.

The contradiction between the EMA50 positivity and stochastic negativity still valid, noting that breaching 68.06 resistance will motivate the price to achieve more gains and attempt to regain the main bullish trend, to start the positive targets at 69.44 and extend to 70.82, while breaking 66.90 support will push the price back to the bearish channel and head towards 63.60 initially.

Expected trading range for today is between 66.00 support and 69.60 resistance.

Expected trend for today: Depends on the above mentioned levels