Crude oil touches the first target – Analysis - 29-06-2017

Crude oil price managed to touch our first waited target at 45.00, and we believe that the way is open to continue rising on the intraday and short term basis, as the price gets positive support by the EMA50 that reinforces the continuation of the positive effect of the inverted head and shoulders' pattern that was completed previously, waiting to achieve more gains that reach to 48.37 in the upcoming period.

Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, conditioned by the price stability above 44.10 and 43.60 levels.

Expected trading range for today is between 43.60 support and 47.00 resistance.

Expected trend for today: Bullish