Crude oil around the moving average – Analysis - 16-02-2017

Crude oil price continues to fluctuate near the EMA50 and 53.00 level, and the price remains confined with the triangle that appears in the above chart, waiting for breaching its resistance that declines now to 53.85 to confirm the continuation of the bullish trend on the intraday and short term basis, which will open the way to head towards the bullish wave’s targets that begin at 55.27 then 56.50.

Therefore, we will keep preferring the bullish trend in the upcoming sessions conditioned by holding above 51.95, where breaking it represents negative factor that will push the price to visit 48.37 levels before any new attempt to rise.

Expected trading range for today is between 51.50 support and 55.27 resistance.

Expected trend for today: Bullish