Crude oil gets a positive motive – Analysis - 29-01-2019

Crude oil price tested 51.46 level and kept its stability above it, as it begins to provide positive trading now, moving away from the mentioned level, which supports the continuation of the expected bullish trend scenario on the intraday and short term basis, motivated by stochastic current positivity, noting that our first target is represented by testing 54.40.

We remind you that breaching the targeted level will complete forming an inverted head and shoulders’ pattern that has strong positive targets, which surpass 57.46 to reach 65.00 areas, while holding above 51.46 represents key condition to continue the bullish trend.

Expected trading range for today is between 51.00 support and 54.40 resistance.

Expected trend for today: Bullish