Midday update for Crude Oil 13-01-2017

Crude oil price shows some bearish bias affected by stochastic negativity, approaching from testing the main bullish trend line that located at 51.90 now, and as we mentioned this morning, holding above this level and above 51.30 represents an important condition for the positive scenario continuation on the intraday and short term basis, therefore, the bullish trend will remain preferred for today.

The price needs to breach 52.85 level and holding above it to ease the price mission to head towards the main targets of the expected bullish wave, which begin at 55.27 and extend to 56.50.

Expected trading range for today is between 51.90 support and 56.00 resistance.

Expected trend for today: Bullish