Midday update for Crude oil 08-12-2017

Economies.com
2017-12-08 10:58AM UTC

Crude oil price provides positive trades to surpass 56.75 level and settles above it, which hints the price attempt to stop the bearish correction that dominates the recent trades followed by turning back to the main bullish trend again.

 

Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 56.75 support and 57.65 resistance, as breaching this resistance will confirm stopping the bearish correction and the price rally to achieve positive targets that start at 59.00 and extend to 60.00, while breaking the support will put the price under the negative pressure again, which its next target located at 55.23.

 

Expected trading range for today is between 54.06 support and 57.80 resistance.

 

Expected trend for today: Depends on the above mentioned levels

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