Crude Oil is stable – Analysis - 17-01-2017

Crude oil price continues to fluctuate around the EMA50 keeping its stability above the main bullish trend line that rises now to 51.90, while stochastic provides positive signals now that we expect to assist to push the price to resume the main bullish trend after weak trading yesterday, to keep trading stable inside the bullish channel that appears on chart.

Therefore, we are waiting for positive trading in the upcoming sessions, and the main targets start at 55.27 and extend to 56.50, noting that breaking 51.90 followed by 51.35 levels will push the price to visit 23.6% Fibonacci correction level at 48.37 before any new attempt to rise.

Expected trading range for today is between 51.00 support and 55.27 resistance.

Expected trend for today: Bullish