Crude oil achieves some bearish correction – Analysis - 23-04-2018

Crude oil price provided some negative trading in the previous sessions to test 23.6% Fibonacci correction level for the last rise from 61.77 to 69.53, as the price keeps its stability above this level, getting good positive support by the EMA50, while stochastic continues to provide positive signals.

Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, and the targets begin by visiting the psychological barrier at 70.00, noting that breaking 67.70 will push the price to extend its bearish correction and visit areas that begin at 66.56 and might extend to 64.74 before any new attempt to rise.

Expected trading range for today is between 67.00 support and 70.00 resistance.

Expected trend for today: Bullish