Crude oil faces the moving average – Analysis - 29-05-2017

Crude oil price stopped at the EMA50 that forms good resistance against the intraday trading, waiting for surpassing this obstacle that is located now at 49.95 to confirm the continuation of the bullish wave on the intraday and short term basis, and its next target located at 51.55.

Therefore, the bullish trend scenario will remain active in the upcoming period unless breaking 48.37 level and holding below it, where breaking this level will put the price under the bearish correctional pressure again, to head towards targeting levels reach to 44.10 on the short term basis.

Expected trading range for today is between 48.37 support and 51.55 resistance.

Expected trend for today: Bullish