Crude oil resumes the bullish rally – Analysis - 22-05-2018

Crude oil price managed to end yesterday’s trading above 72.25, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, which gets continuous positive support by the EMA50, paving the way to head towards our next main targets that begin at 74.65 and reach 76.20 after surpassing the previous level.

Therefore, we will keep our bullish overview for the upcoming period unless breaking 71.60 level and holding below it, as breaking this level might push the price to test 70.70 areas before any new attempt to rise.

Expected trading range for today is between 71.00 support and 74.65 resistance.

Expected trend for today: Bullish