Crude oil gathers the positive momentum – Analysis - 22-01-2019

Crude oil price shows sideways and tight trading since yesterday and keeps its stability above the breached neckline of the inverted head and shoulders’ pattern, to keep the positive effect of this pattern active for the upcoming period, noticing that stochastic approaches the oversold areas, while the EMA50 keeps supporting the price from below.

Therefore, these factors encourage us to keep our bullish overview, reminding you that our next main targets begin at 55.80 followed by 57.46, while holding above 51.46 represents key condition to achieve the suggested targets.

Expected trading range for today is between 52.35 support and 56.00 resistance.

Expected trend for today: Bullish