Crude oil achieves good gains – Analysis - 14-09-2017

Crude oil price continued the rise yesterday to settle at the recently recorded top at 49.45, waiting to breach this level to confirm rallying towards more gains on the short term basis, as the price is organized inside the bullish channel that appears on chart, which hints that the price has positive targets that extend to reach 52.65.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions conditioned by holding above 48.50, noting that stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected bullish trend.

Expected trading range for today is between 48.00 support and 52.00 resistance.

Expected trend for today: Bullish