Crude oil price achieves the target – Analysis - 11-07-2019

Crude oil price shows more rise to succeed reaching our main waited target at 60.86, and the bullish channel continues to organize the price move on the intraday and short term basis, which provides good chances to breach the mentioned level followed by opening the way to extend the bullish wave to 63.00 areas.

Therefore, we expect the continuation of the bullish trend domination on the upcoming trading, supported by the EMA50, taking into consideration that failing to breach 60.86 might press on the price to rebound bearishly and test areas that reach 57.33 before any new attempt to rise.

The expected trading range for today is between 59.50 support and 62.50 resistance.

The expected trend for today: Bullish