Crude oil touches the first target – Analysis - 20-02-2018

Crude oil price tested 62.65 level without managing to breach it until now, to fluctuate around the bullish trend line that appears on the chart, noticing that stochastic begins to get rid of its negative momentum gradually on the intraday time frames, waiting to get enough positive momentum to push trading to breach the mentioned level followed by opening the way to head towards our next target at 64.20.

In general, we expect the continuation of the bullish trend domination in the upcoming sessions, conditioned by the price stability above 61.40, as breaking this level will push the price to test 60.14 areas again before any new positive attempt.

Expected trading range for today is between 61.00 support and 64.20 resistance.

Expected trend for today: Bullish