Crude oil confirms the breach – Analysis - 30-08-2018

Crude oil price ended yesterday above 69.44 level, which reinforces the expectations of continuing the bullish trend on the intraday and short term basis, waiting to achieve our positive targets that start at 70.82 and extend to 72.53 after breaching the previous level.

The price return to the bullish channel that appears on the chart is considered as key positive factor to the continuation of the expected rise, which gets continuous positive support by the EMA50, noting that achieving the mentioned targets requires holding above 69.44 and the most important above 68.06.

Expected trading range for today is between 68.06 support and 71.50 resistance.

Expected trend for today: Bullish