Crude oil price showed strong rise yesterday to breach the EMA50 and settles with a daily close above it, getting intraday support base that reinforces the expectations of witnessing more rise in the upcoming period, waiting to breach the recently recorded high at 62.56 to open the way to extend the bullish wave towards 66.10.
Stochastic current negativity might push the price to show some temporary sideways trading before rising again, noting that the continuation of the expected bullish trend depends on holding above 58.18 level, as breaking this level will push the price to return to the bearish correctional track.
Expected trading range for today is between 59.00 support and 63.00 resistance.
Expected trend for today: Bullish