Crude oil keeps the support base – Analysis - 17-01-2019

Crude oil price settles above 51.46 level, moving within bullish channel that appears on the chart, protected by the EMA50, thus, we believe that the chances are valid to resume the bullish trend that targets 53.25 followed by 55.80 as next main stations.

We should note that breaking 51.46 followed by 50.85 will stop the expected rise and put the price under strong negative pressure that its main targets begin at 48.20 and extend to 45.46.

Expected trading range for today is between 50.85 support and 54.00 resistance.

Expected trend for today: Bullish