Crude oil affected by the positive pattern – Analysis - 23-05-2017

Crude oil price trading organizes within the bullish channel that carries the price from the recorded top at 43.75, and by looking deeper in the chart, we find that the price completed forming an inverted head and shoulders pattern that its lines appears in the image, therefore, we believe that the price has positive motive that will extend crude oil gains to surpass our mentioned targets in our last reports, which begin at 52.20 then 55.27.

In general, we will keep preferring the bullish trend in the upcoming sessions unless breaking 49.60 level and holding below it, where breaking this level will push the price to test the most important support for the short term trading at 48.37 before detecting the next trend.

Expected trading range for today is between 49.60 support and 53.50 resistance.

Expected trend for today: Bullish