Crude oil keeps its positive stability – Analysis - 05-02-2019

Crude oil price attacked the key support 53.65 yesterday but it bounced upwards quickly to settle above 54.40, which keeps the main bullish trend scenario active until now, supported by the EMA50 and stochastic positivity, waiting to test 57.46 level initially.

We should note that breaking 53.65 and holding below it will put the price under negative pressure that targets testing 51.46 before any new attempt to rise.

Expected trading range for today is between 53.65 support and 57.00 resistance.

Expected trend for today: Bullish