Crude oil builds support base – Analysis - 24-11-2017

Crude oil price succeeded to confirm breaching 57.90 level and builds support base above 58.00$ barrier after closing the daily candlestick above it, which supports the continuation of our bullish trend expectations efficiently in the upcoming period, opening the way to extend the bullish wave to reach 61.15 areas on the near term basis.

The minor bullish channel reinforces the suggested positive scenario, and the EMA50 keeps carrying the price from below, noting that breaking 57.55 might force the price to test 56.00 areas before any new attempt to rise.

Expected trading range for today is between 57.55 support and 61.00 resistance.

Expected trend for today: Bullish