Crude oil resumes rising – Analysis - 14-07-2017

Crude oil price provided positive trading after leaning on the EMA50 yesterday, to keep the bullish trend valid on the intraday and short term basis, organized inside tge bullish channel that appear son chart, waiting for more rise to target 47.30 followed by 48.37 levels that represent the next main stations of the suggested bullish wave.

The EMA50 supports the expected rise, taking into consideration that breaking 44.10 level and holding below it will stop the suggested bullish trend and push the price to head towards the previously recorded low at 42.04 initially.

Expected trading range for today is between 45.00 support and 48.37 resistance.

Expected trend for today: Bullish