Midday update for Crude oil 05-07-2017

Crude oil price declined to touch the intraday bullish channel's support line as suggested this morning and attempts to rebound bullishly from there, supported by stochastic reach to the oversold areas, reinforcing the chances of resuming the main bullish trend that its next main target located at 48.37.

Therefore, we will keep our overall bullish overview unless breaking 46.05 level and holding below it, which will push the price to test 44.10 areas before any new positive attempt, noting that the EMA50 keeps supporting the suggested bullish wave.

Expected trading range for today is between 46.00 support and 48.37 resistance.

Expected trend for today: Bullish