Crude oil attempts to beach – Analysis - 20-02-2017

Crude oil price fluctuates at the triangle resistance that appears in the above chart in attempt to breach it, which supports the continuation of our bullish trend expectations efficiently on the intraday and short term basis, waiting for confirming breaching 53.85 level to push the price towards the expected targets for the bullish wave, which begin at 55.27 then 56.50.

Therefore, the bullish trend will remain preferred in the upcoming sessions conditioned by holding above 52.15 level, and breaking it represents negative factor that will push the price to test 23.6% Fibonacci correction level at 48.37 before the attempt of regaining the bullish trend.

Expected trading range for today is between 52.15 support and 56.00 resistance.

Expected trend for today: Bullish