Crude Oil keeps its positive stability – Analysis - 30-05-2016

Crude oil price bounced bullishly after the EMA50 formed good support base against the price recent negative attempts, pushing the price to resume the main bullish track organized inside the bullish channel that appears on chart, waiting to target 51.10 followed by 53.30 levels as next main stations.

The price needs to breach 50.00 level to ease the mission of achieving the suggested targets, taking into consideration that holding above 48.40 level represents key condition to continue the expected bullish trend, as breaking it will push the price to visit the main bullish channel’s support at 45.25 before any new attempt to rise.

Expected trading range for today is between 47.80 support and 52.00 resistance.

Expected trend for today: Bullish