Crude Oil recovers – Analysis - 04-07-2016

Crude oil price managed to surpass the EMA50 and hold above it again, to get good support base that reinforce the continuation of the bullish trend scenario on the short term basis, supported by stochastic positivity that appears clearly on the four hours’ time frame.

Therefore, the bullish trend will remain valid and active for the upcoming sessions, and the first target is represented by visiting the previously recorded top at 51.65, reminding you that breaching this level will extend oil price gains to reach 53.92 as a next main station, while the expected rise will remain valid unless breaking 45.61 level and holding below it.

Expected trading range for today is between 47.00 support and 51.65 resistance.

Expected trend for today: Bullish