Bank of America trims gains - Analysis - 17-12-2019

Alibaba's stock kept rising in the short term, breaching the 205.59 resistance amid the dominance of the main upward trend in the long and short terms, with support from the 50-day SMA while the RSI emitted negative signals.

Crude oil price succeeded to achieve our first waited target at 60.90 and shows more bullish bias that hints the price head to achieve more expected gains in the upcoming sessions, reminding you that breaching this level will extend the bullish wave to reach 62.30 as a next station, while the expected rise will remain valid unless breaking 59.05 level and holding below it.

Wheat price tests the initial support base 545.0, noticing that stochastic begins to overlap positively to support the chances of resuming the expected bullish trend for today, which targets 573.8 areas mainly, reminding you that the continuation of the bullish wave requires holding above 540.8.