Mid-day oil update 29-09-2017

Oil is resuming positive trading after testing the 23.6% Fibonacci retracement of the recent high as seen in the picture, accompanied by the start of a positive cross signal through Stochastic, which supports the continuation of the upside scenario effectively for today, awaiting a 53.45 initial visit, This level will push the price around 55.27 as the next major station.

We note that a break of 51.12 will push the price to make further bearish correction, which reaches its next target of 50.06.

The trading range for today is expected among the support at 50.06 and the resistance at 53.45

The general trend for today is bullish