Crude oil price rallied upwards strongly, affected by the attack on oil tankers in gulf of Oman, to breach 51.61 level and tests the bearish channel’s resistance that appears on the chart, which urges caution from the upcoming trading, as settling above the mentioned level will push the price to achieve more gains and reach 54.47 as a next main station, while bouncing bearishly and trading below 51.61 will reactivate the bearish trend scenario that its next target located at 48.08.
The expected trading range for today is between 49.00 support and 53.50 resistance.
The expected trend for today: Neutral