Crude oil price achieves clear gains – Analysis - 16-12-2019

Crude oil price settles below 60.00 level after the rise that witnessed in last Friday. Noticing that stochastic begins to get rise of its negative momentum in attempt to get a positive motive that assists to push the price to resume the bullish wave.

In general, we keep preferring the bullish trend that organized within the bullish channel that appears in the image, where our next target is located at 60.90, pointing that breaching this level will extend the bullish wave to reach 62.30 as a next main station, being aware that breaking 58.90 level will press on the price to test 58.05 levels and extend to 57.40 before any new attempt to rise.

The expected trading range for today is between 58.50 support and 61.20 resistance.

The expected trend for today: Bullish