Commodities

Crude oil crawls upwards – Analysis - 15-03-2019

2019-03-15 04:54:40 GMT (Economies.com)

Crude oil price continues to fluctuate within sideways track with some very slight bullish bias, and the price still inside the bullish channel that appears on the chart, supported by the EMA50 that carries the price from below, which keeps the bullish trend scenario active for the upcoming period, waiting to visit 60.00 followed by 64.90 levels that represent our next main targets.

 

We should note that holding above 57.46 is important to continue the expected rise, as breaking it will put the price under negative pressure that targets testing 54.50 areas before any new attempt to rise.

 

The expected trading range for today is between 57.46 support and 60.50 resistance.

 

The expected trend for today: Bullish

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