Crude oil reaches the first target – Analysis - 22-11-2017

Crude oil price rallies upwards strongly since yesterday to succeed reaching our first main target at 57.90, and the way seems open to continue achieving gains and head towards our next target at 60.85, as the price gets continuous positive support by the EMA50, which protects trading inside the bullish channel that appears on the above chart.

Therefore, the bullish trend will remain valid and active in the upcoming sessions unless breaking 56.15 followed by 55.65 levels and holding below them.

Expected trading range for today is between 56.15 support and 60.00 resistance.

Expected trend for today: Bullish