Crude oil approaches from the target – Analysis - 24-02-2017

Crude oil price continued its positive attempts to approach from our first waited target at 55.27, showing some slight bearish bias to fluctuate near the EMA50, keeping its stability above the previously breached resistance of the symmetrical triangle, noticing that stochastic attempts to get rid of its negativity and gain the positive momentum on the intraday basis.

Therefore, these factors encourage us to continue expecting the bullish trend in the upcoming period, noting that breaching 55.27 will push the price towards 56.50 direct, while holding above 53.70 represents the first condition to continue the suggested rise.

Expected trading range for today is between 53.00 support and 56.50 resistance.

Expected trend for today: Bullish