Crude oil keeps the support base – Analysis - 10-10-2018

Crude oil price settles above the main bullish channel’s support line, and it might be forced to show some sideways fluctuation until stochastic manages to get rid of its negativity and gain enough positive momentum to push the price to resume the main bullish trend.

In general, we will continue to suggest the positive scenario conditioned by the price stability above 73.94, supported by the EMA50 that keeps carrying the price from below, noting that we are waiting to visit 76.88 as a next main station.

Expected trading range for today is between 73.50 support and 76.50 resistance.

Expected trend for today: Bullish