Midday update for Crude Oil 23-01-2017

Crude oil price approaches from testing the minor bullish channel's support affected by stochastic negativity, and as long as the price is above 51.15, our bullish overview will remain valid and active for the upcoming period, it might be preceded by some sideways fluctuation until stochastic manages to gain enough positive momentum to push the price to continue the main bullish track.

Therefore, we are waiting for positive trading on the intraday and short term basis, reminding you that the main targets start at 55.27 and extend to reach 56.50.

Expected trading range for today is between 52.00 support and 55.27 resistance.

Expected trend for today: Bullish