Analysis Of Crude Oil 18-08-2016

Crude oil has shown increment on the support base, which was previously declining. It has bounced now bullishly as the price fluctuates near 47.0$ barrier now.

crude oil1
In addition, the stochastic overlaps would bring the chances of rising in upcoming sessions.Therefore, it can paint a picture of bullish trend in short terms and it can go up to the previous highest recorded 51.65.
As the price rises by the support of EMA50, we can consequently say that 45.6 % represents the favorable conditions to bring further rise.
Today, the expected trading range is between 45.00 support and 49.00 resistance.

Leave a Reply

Your email address will not be published. Required fields are marked *