Crude oil crawls towards the resistance – Analysis - 30-01-2019

Crude oil price settles above the EMA50 after breaching it yesterday, waiting for more rise to breach 54.40 and confirm the completion of the inverted head and shoulders’ pattern that appears on the chart, to get strong positive motive that we expect to push the price to achieve gains that begin at 57.46 and extend to 65.00.

In general, we will continue to suggest the bullish trend unless breaking 51.46 level and holding below it.

Expected trading range for today is between 52.50 support and 55.50 resistance.

Expected trend for today: Bullish