Midday update for Crude Oil 16-02-2017
Economies.com
2017-02-16 11:43AM UTC
Crude oil price did not show any strong move since morning, to continue fluctuating around the EMA50, waiting to get enough positive motive to push the price to resume the main bullish trend, noting that breaching 53.85 level will provide the required motive to push the price towards 55.27 followed by 56.50 as next main stations.
Therefore, the bullish trend scenario will remain valid as it is without any change unless we witnessed clear break and holding below 51.95.
Expected trading range for today is between 51.50 support and 55.27 resistance.
Expected trend for today: Bullish
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