Crude oil tests the neckline – Analysis - 14-02-2019

Crude oil price continues to fluctuate at the neckline of the inverted head and shoulders’ pattern at 54.50, getting positive support by the EMA50, while stochastic attempts to gather the positive momentum.

Therefore, we believe that the chances are valid to breach the mentioned level and rally to achieve our positive targets that begin at 57.46 and extend to 65.00, taking into consideration that breaking 53.25 will press on the price to decline and test 51.46 level before any new attempt to rise.

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

The expected trend for today: Bullish