Crude Oil gets the positive momentum – Analysis - 01-07-2016

Crude oil price showed some negative trading yesterday to test the EMA50 that forms good support base now, as it protects the bullish trend scenario suggested in our recent reports, accompanied by stochastic reach to the oversold areas, which supports the chances of bouncing bullishly to resume the main bullish trend, which is organized inside the bullish channel that appears on the above chart.

Therefore, the bullish trend will remain valid and active for the upcoming sessions, to begin the positive targets at 51.65 and extend to reach 56.50 after breaching the previous level, reminding you that holding above 45.61 represents the most important condition to continue the positive overview.

Expected trading range for today is between 47.00 support and 51.65 resistance.

Expected trend for today: Bullish