Crude oil resumes rising – Analysis - 18-01-2019

Crude oil price resumed its positive trading after testing the key support 51.46 yesterday, to approach our first waited positive target at 53.25, noting that breaching this level will extend the bullish wave to reach 55.80.

Therefore, the bullish trend will remain valid and active in the upcoming period supported by the EMA50, unless breaking 51.46 level and holding with a daily close below it.

Expected trading range for today is between 51.46 support and 54.40 resistance.

Expected trend for today: Bullish