Crude oil tests the support – Analysis - 14-11-2017

Crude oil price shows some bearish bias to approach from testing the key support 56.40 again, which is met by the EMA50 to add more strength to it, reinforcing the chances of continuing the oveall bullish trend, organized inside the bullish channel that appears on chart.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions conditioned by holding above 56.40, as breaking it will push the price to test 55.20 – 54.75 areas before any new attempt to rise, noting that the expected bullish wave targets begin at 59.50 and extend to 60.65.

Expected trading range for today is between 55.80 support and 58.80 resistance.

Expected trend for today: Bullish