Crude oil price leans on the moving average – Analysis - 16-07-2019

Crude oil price provided clear positive trading yesterday, but it found good support base formed by the EMA50 near the bullish channel’s support line that appears on the chart, to protect the continuation of trading inside this channel, as it begins today with bullish bias that hints resuming the main bullish trend, motivated by stochastic current positivity.

Therefore, these factors encourage us to suggest the bullish bias in the upcoming sessions, and the targets begin by breaching 60.86 to confirm rallying towards our next main target at 63.00, taking into consideration that breaking 58.90 will press on the price to test the most important support to the short term trades at 57.33 before any new positive attempt.

The expected trading range for today is between 58.50 support and 61.50 resistance.

The expected trend for today: Bullish