Crude oil resumes rising – Analysis - 15-01-2018

Crude oil price begins the attempts to breach the main bullish channel's resistance after resuming the bullish bias in the last sessions of last week, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, noting that breaching 64.45 followed by 64.95 levels will open the way to achieve our next main target at 66.75.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions, supported by the EMA50, unless we witnessed clear break and hold below 63.05 level, as breaking this level will push the price to start bearish correction that its targets begin at 61.20 and might extend to 59.40 areas before any new attempt to rise.

Expected trading range for today is between 63.20 support and 66.75 resistance.

Expected trend for today: Bullish