Midday update for Crude oil 23-10-2017

The tight range dominates Crude oil price trading since morning, and the price still around 52.00 level, waiting to get rid of the negative momentum that interprets the reasons of the current tight trading and get enough positive momentum to push the price to continue the main bullish trend, organized inside the bullish channels that appear on chart.

Therefore, the bullish trend scenario will remain valid as it is without any change conditioned by holding above 51.12, supported by the EMA50 that carries the price from below, reminding you that our main waited targets begin at 52.84 and extend to 55.27.

Expected trading range for today is between 51.00 support and 54.00 resistance.

Expected trend for today: Bullish