Crude Oil - Technical Analysis: Thursday, 06/04/2017 04:59 GMT

Crude oil price is retesting the breached neckline of the inverted head and shoulders' pattern, which keeps the bullish bias valid on the intraday basis, and the price needs to surpass 51.64 barrier to confirm the continuation of the bullish trend towards our extended target that reaches to 53.02.

Overall, we expect more gains in the coming period unless the price falls under negative pressure to break 50.26 level, as this break will push the price to turn back to decline, to visit 48.55 level initially.