Crude oil gets the positive momentum – Analysis - 05-09-2018

Crude oil price provided more negative trades yesterday’s evening to press on 69.44 level and attempts to break it, but we notice that the EMA50 managed to form solid support base to protect the price from suffering more losses, accompanied by stochastic reach to the oversold areas.

Therefore, we believe that the price has the chance to rebound bullishly and resume the bullish trend in the upcoming sessions, to start the positive targets at 70.82 and extend to 72.53, noting that holding above 69.44 will push trades to decline and test 68.06 level initially.

Expected trading range for today is between 68.06 support and 71.00 resistance.

Expected trend for today: Bullish