Crude oil activates the positive pattern – Analysis - 04-02-2019

Crude oil price succeeded to confirm breaching 54.40 level after closing last week above it, to activate the positive effect of the inverted head and shoulders’ pattern that appears on the chart, which we are waiting to motivate the price to achieve strong positive targets that start at 57.46 and extend to 65.00.

Therefore, our bullish overview will remain valid for the upcoming period supported by the EMA50, conditioned by the price stability above 53.65, as breaking this level will press on the price to test 51.46 areas before any new attempt to rise.

Expected trading range for today is between 54.00 support and 57.46 resistance.

Expected trend for today: Bullish