Crude oil gathers the positive momentum – Analysis - 27-08-2018

Crude oil price keeps its stability above the key support 68.06, noticing that stochastic gets rid of its negative momentum clearly, on its way towards the oversold areas, which forms positive factor that we expect to assist to push the price to resume the bullish trend, waiting to breach 69.44 level to confirm opening the way to head towards 70.82 as a next main station.

Therefore, the bullish trend will remain suggested unless breaking 68.06 level and holding below it, as breaking it will lead the price to suffer losses that target 66.40 initially, and extend to 63.60 after breaking the previous level.

Expected trading range for today is between 67.15 support and 70.82 resistance.

Expected trend for today: Bullish