Crude oil faces solid resistance – Analysis - 03-01-2019

Crude oil price achieved some gains yesterday and approached 48.00$ barrier, but it bounced bearishly to settle below 46.00 now, which keeps the overall bearish trend scenario active until now, supported by the negative pressure formed by the EMA50, besides the negative overlapping signal provided by Stochastic.

Therefore, we are waiting for negative trading in the upcoming sessions, and the next main target is located at 40.00, taking into consideration that breaching 47.00 will complete forming a bullish pattern that has the ability to push oil price to achieve positive targets that reach 51.46.

Expected trading range for today is between 43.00 support and 47.00 resistance.

Expected trend for today: Bearish