Crude oil gains the positive momentum – Analysis - 01-02-2019

Crude oil price settles around 54.00 level, noticing that stochastic reaches the oversold areas, which forms positive motive that we are waiting to assist to push the price to attack 54.40 level and activate the positive effect of the inverted head and shoulders’ pattern that appears on the chart, followed by opening the way to achieve our next positive targets at 57.46 and 65.00.

Therefore, we will keep our bullish overview conditioned by the price stability above 53.20.

Expected trading range for today is between 52.70 support and 56.00 resistance.

Expected trend for today: Bullish