Crude oil price resumes rising – Analysis - 13-12-2019

Crude oil price settles above 59.00 level, as it managed to breach the minor bearish channel’s resistance that forms bullish flag pattern that supports the chances of achieving more gains in the upcoming period, and we believe that the way is open to achieve our main waited target at 60.90.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period supported by the EMA50, taking into consideration that the continuation of the expected rise depends on the price stability above 57.40.

The expected trading range for today is between 58.00 support and 60.90 resistance.

The expected trend for today: Bullish