Crude oil approaches the first target – Analysis - 18-02-2019

Crude oil price keeps rising gradually and keeps its stability above 56.00 level, organized inside the bullish channel that appears on the chart, supported by the EMA50 that carries the price from below.

Therefore, we believe that the way is open to achieve more rise in the upcoming sessions, as our next target is located at 57.46, which breaching it represents the key to rally towards 65.00 on the near term basis, while holding above 54.50 represents major condition to achieve the waited targets.

The expected trading range for today is between 55.00 support and 58.00 resistance.

The expected trend for today: Bullish