Crude oil settles above the resistance – Analysis - 21-02-2017

Crude oil price managed to breach the resistance of the triangle that appears on the above chart and ended its trading yesterday above it, which reinforces our expectations for the bullish trend continuation on the intraday and short term basis, and the way is open for testing 55.27 level that represents our initial main target.

Therefore, the bullish trend will remain preferred in the upcoming sessions, and breaching the targeted level will extend the bullish wave to 56.50, while breaking 53.80 will push the price to test the triangle’s support again near 52.20 before any new positive attempt.

Expected trading range for today is between 53.00 support and 56.50 resistance.

Expected trend for today: Bullish