Mid-day oil update 25-09-2017

The price of oil is testing to support the rising triangular flag shown in the picture. As long as the price is above 49.45, the bullish scenario will remain valid for today, supported by the SMA 50 which continues to push the bullish wave upwards, waiting for a breach of 50.70 to activate the positive effect of the mentioned pattern Short term.

Our next main target is at 53.20, while a break of 49.45 is a negative factor that will press the price to test the areas initially at 48.37 and may extend to 46.90 before any new attempt to rise.

The trading range for today is expected among the support at 49.00 and the resistance at 53.20

The general trend for today is bullish