Commodities

Crude oil approaches the first target – Analysis - 19-03-2019

2019-03-19 05:06:56 GMT (Economies.com)

Crude oil price continues to rise to approach our first waited target at 60.00, and the price continues to move inside the bullish channel that appears on the chart, as the price gets continuous positive support by the EMA50, to keep the positive effect of the previously completed inverted head and shoulders’ pattern active, reminding you that breaching the mentioned level will extend the bullish wave to reach 64.90 as a next station.

 

Therefore, the bullish trend will remain dominant in the upcoming sessions conditioned by the price stability above 57.46.

 

The expected trading range for today is between 58.00 support and 61.50 resistance.

 

The expected trend for today: Bullish

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