Crude Oil achieves more gains – Analysis - 29/04/2016

Crude oil price continues to rise gradually to move above 46.00 level now, as the price moves inside a minor bullish channel that appears on the above chart, which supports the continuation of the bullish wave on the intraday and short term basis, reinforced by the EMA50 that keeps carrying the price from below.

Therefore, we expect witnessing more gains in the upcoming sessions, and the next target is located at 48.40, taking into consideration that breaking 44.00 level will stop the bullish wave temporarily to push the price to test the bullish channel’s support that appears on chart around 39.00 before any new attempt to rise.

Expected trading range for today is between 44.50 support and 48.40 resistance.

Expected trend for today: Bullish