Midday update for Crude oil 25-09-2017
Economies.com
2017-09-25 09:43AM UTC
Crude oil price is testing the bullish pennant's support line that appears on chart, and as long as the price is above 49.45, the bullish trend scenario will remain valid for today, supported by the EMA50 that keeps pushing the bullish wave upwards, waiting to breach 50.70 level to activate the positive effect of the mentioned pattern and continue rising on the short term basis.
Our next main target is located at 53.20, while breaking 49.45 represents negative factor that will push the price to test 48.37 areas initially and might extend to 46.90 before any new attempt to rise.
Expected trading range for today is between 49.00 support and 53.20 resistance.
Expected trend for today: Bullish
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