Crude oil achieves some gains – Analysis - 19-03-2018

Crude oil price achieved clear gains on last Friday to approach 62.65 level, showing some bearish bias now affected by stochastic negativity, which keeps the price confined within sideways range that appears on the chart, its lines represented by 60.14 support and 62.65 resistance.

Therefore, we suggest the domination of the sideways trading on the intraday basis until the price manages to breach one of the above mentioned levels, noting that breaching the resistance will push the price to regain the main bullish trend that its targets begin at 64.20 and extend to 66.70, while breaking the support will push the price to test 58.60 level direct.

Expected trading range for today is between 60.14 support and 63.50 resistance.

Expected trend for today: Sideways