Crude oil begins positively – Analysis - 04-01-2019

Crude oil price ended yesterday’s trading below 47.00, but it begins today with bullish bias to attempt to breach it, which urges caution from the upcoming trading, and as we mentioned in our last report, breaching this level will complete forming a bullish pattern that has the ability to turn the intraday track to rise to visit 51.46 level mainly.

Therefore, we prefer staying aside temporarily until the price confirms its situation according to 47.00 level, noting that closing today’s trading below this level is required to confirm resuming the main bearish trend that its next target located at 40.00.

Expected trading range for today is between 45.00 support and 49.00 resistance.

Expected trend for today: Neutral