Crude rises calmly – Analysis - 23-01-2017

Crude oil price provided calm positive trades to settle above the EMA50, which supports the continuation of the overall bullish trend, organized inside the bullish channel that appears on the above chart, waiting to test 55.27 level initially, reminding you that breaching this level will extend oil price gains to reach 56.50 as a next main station.

Stochastic current negativity might force the price to show some temporary sideways trading before resuming the expected rise, noting that achieving the suggested targets depends on holding above 51.15.

Expected trading range for today is between 52.00 support and 55.27 resistance.

Expected trend for today: Bullish