Crude oil completes a positive pattern – Analysis - 21-01-2019

Crude oil price confirmed breaching 53.25 level, noticing that the price completed forming an inverted head and shoulders’ pattern that appears on the chart, which supports the expectations of achieving more gains in the upcoming period, noting that the full target of the mentioned pattern surpasses the next waited target at 55.80 to reach 64.00.

Therefore, our bullish overview will remain valid efficiently for the upcoming period, and the price is organized inside a bullish channel that reinforces the positive overview, noting that holding above 51.46 represents the most important condition to continue the suggested bullish wave.

Expected trading range for today is between 53.00 support and 56.00 resistance.

Expected trend for today: Bullish