Crude Oil suffers some losses – Analysis - 10-01-2017

Crude oil price faces strong negative pressure yesterday affected by the rise of the US oil drillers' numbers, to approach from the main bullish trend line that located at 51.60, noticing that stochastic shows big oversold signals now, which forms positive factor that we wait to assist to protect the price form suffering more of the losses in the upcoming period.

Therefore, we believe that the chances available to trade positively on the intraday and short term basis, and the targets begin by testing the recorded top at 55.27 and extend to 56.50 after breaching the mentioned top, taking into consideration that breaking 51.60 level will put the price under more negative pressure to target 48.37 levels before any new attempt to rise.

Expected trading range for today is between 51.00 support and 55.27 resistance.

Expected trend for today: Overall Bullish