Crude Oil gets the positive momentum – Analysis - 02/05/2016

Crude oil price couldn’t confirm the stability above 46.00 level in the end of the last week, to show some slight bearish bias approaching from the thresholds of the oversold levels now, and it begun to form positive overlapping signal on the four hours time frame, noticing that the EMA50 continues to support the bullish wave from below.

Therefore, these factors encourage us to keep preferring the bullish trend in the upcoming period, which its next main target located at 48.40, while achieving it conditioned by holding above 44.00 level.

Expected trading range for today is between 44.00 support and 48.00 resistance.

Expected trend for today: Bullish