Crude Oil gets a positive signal – Analysis - 31-05-2016

Crude oil price continues to provide sideways and tight trading settling around 49.50 level, noticing that stochastic begins to provide positive overlapping signal on the four hours’ time frame, which forms positive motive that we are waiting to assist to push the price to continue the main bullish trend, which gets continuous support by the EMA50.

Therefore, we believe that the way is open to head towards our positive targets that begin at 51.10 and extend to 53.30, reminding you with the importance of holding above 48.40 level to keep the chances of achieving the suggested targets.

Expected trading range for today is between 48.00 support and 52.00 resistance.

Expected trend for today: Bullish