Crude oil attacks the neckline – Analysis - 31-01-2019

Crude oil price achieves more attempts to breach the neckline of the inverted head and shoulders’ pattern at 54.40, as it moves above it now, which reinforces the expectations of continuing the bullish trend efficiently on the intraday and short term basis, waiting to get a daily close above the mentioned level to confirm rallying towards 57.46 followed by 65.00 levels that represent our next main stations.

Therefore, the bullish bias will remain suggested in the upcoming period supported by the EMA50, noting that holding above 53.35 represents key condition to continue the expected rise.

Expected trading range for today is between 53.35 support and 57.00 resistance.

Expected trend for today: Bullish