Crude oil needs the positive momentum – Analysis - 05-07-2017

Crude oil price continues to fluctuate within sideways track around 47.00 level, noticing that stochastic begins to get rid of its negative momentum on its way to head towards the oversold areas, and the price might have to lean on the intraday bullish channel's support that appears on chart at 46.05 before resuming the rise.

Therefore, we will continue to suggest the bullish trend on the intraday basis conditioned by holding above 46.05, as breaking this level will push the price to test the most important support to the short term trading at 44.10 before any new attempt to rise, while our next main target is located at 48.37.

Expected trading range for today is between 46.00 support and 48.37 resistance.

Expected trend for today: Bullish