Crude oil declines calmly – Analysis - 06-03-2019

Crude oil price bounced bearishly after approaching the key resistance 57.46 yesterday, to reach the thresholds of our first main target located at the bullish channel’s support line, which rises now to 55.60, which urges caution from the upcoming trading, as the mentioned levels represent the next trend keys, and the price needs to breach one of them to detect its next destination clearly, which makes us prefer staying aside now.

Note that breaking the mentioned support will press on the price to achieve more decline and visit 54.50 areas and might extend to 51.46 on the near term basis, while breaching the resistance will open the way to regain the main bullish trend that its next targets located at 60.00 and extend to 65.00.

The expected trading range for today is between 54.50 support and 57.46 resistance.

The expected trend for today: Depends on the above mentioned levels