Midday update for Crude oil 22-07-2019

Crude oil price trades with clear positivity to breach 56.40 level and completes a double bottom pattern that we believe it will push the price to test the most important resistance 57.33, making the bullish bias suggested for the upcoming sessions, but we notice that the EMA50 meets the mentioned resistance to add more strength to it, which makes us prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching the mentioned resistance or breaking 56.40 support.

Note that the continuation of the bullish bias and breaching 57.33 will push the price to achieve more gains and head towards 60.00 areas on the near term basis, while breaking 56.400 will reactivate the negative scenario that its first target located at 54.47.

The expected trading range for today is between 54.47 support and 58.00 resistance.

The expected trend for today: Neutral