Crude oil gets a negative signal – Analysis - 05-03-2019

Crude oil price hovers around the EMA50, keeping its stability below the broken support of the bullish channel, noticing that stochastic begins to provide negative overlapping signal now.

Therefore, these factors encourage us to continue suggesting the bearish bias on the intraday basis, which targets visiting 55.35 followed by 54.50 levels before attempting to resume the main bullish trend again, taking into consideration that breaching 56.95 followed by 57.46 levels will stop the suggested bearish bias and push the price back to the bullish track again.

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

The expected trend for today: Bearish temporarily