Crude Oil rallies strongly – Analysis - 28/08/2015

Crude oil price continued its strong rise yesterday evening to confirm breaching the main bearish channel’s resistance, and as we mentioned in our last technical update, the price targets testing 44.00 level mainly, as it gets positive support from the EMA50 now, which makes us suggest witnessing more bullish bias in the upcoming sessions.

Note that the expected rise is considered as temporary rise unless breaching the targeted level, as this breach will extend Crude Oil price gains to reach 48.40 areas as a next main station, while holding against the current bullish bias represents negative factor that will allow the price to resume the main bearish trend, which its targets begin at 39.00 and extend to the historical low recorded 35.13.

Expected trading range for today is between 40.00 support and 44.00 resistance.

Expected trend for today: Bullish temporarily