Crude oil keeps the support base, waiting to breach
Crude oil price made new test to 53.47 level, which forms strong resistance that the price needs to surpass it and confirm the continuation of the bullish trend on the short term basis, carried by the bullish trend line from 44.50 areas.
Thus, we expect resuming the positive trading in the coming period, which its next target located at 56.24, while we need the price to remain stable above 51.76 so that it doesn't fall under more correctional bearish pressure.
Support & Resistance:
Support 52.50 51.76 51.00
Resistance 53.47 54.00 55.00
Recommendation Crude oil is positive above 52.50, targets at 53.47 then 54.00, risk limit below 51.76
Reverse scenario Crude oil will be negative below 51.76, targets at 51.00 then 50.37, risk limit above 52.50
Thus, we expect resuming the positive trading in the coming period, which its next target located at 56.24, while we need the price to remain stable above 51.76 so that it doesn't fall under more correctional bearish pressure.
Support & Resistance:
Support 52.50 51.76 51.00
Resistance 53.47 54.00 55.00
Recommendation Crude oil is positive above 52.50, targets at 53.47 then 54.00, risk limit below 51.76
Reverse scenario Crude oil will be negative below 51.76, targets at 51.00 then 50.37, risk limit above 52.50
