Commodities

Crude oil gets the positive momentum – Analysis - 20-03-2019

2019-03-20 04:55:48 GMT (Economies.com)

Crude oil price settles near 59.00 level now, and the price keeps its stability above the bullish channel’s support line that appears on the chart, while the EMA50 keeps supporting the price from below, noticing that stochastic reaches the oversold areas now.

 

Therefore, we believe that the chances are valid to resume the bullish trend in the upcoming sessions, reminding you that our targets begin by breaching 60.00 level to confirm extending the bullish wave towards 64.90, while holding above 57.46 represents key condition to continue the expected bullish trend.

 

The expected trading range for today is between 58.00 support and 61.00 resistance.

 

The expected trend for today: Bullish

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