Crude oil price achieves some gains – Analysis - 19-06-2019

Crude oil price traded with clear positivity yesterday to test the sideways range’s resistance at 54.47, as it found solid resistance there that forces the price to rebound bearishly and hints the price head to visit the mentioned range’s support line at 51.61 in the upcoming sessions, especially that stochastic shows overbought signals now.

Therefore, the sideways range will remain dominant on the intraday trades until the price succeeds to confirm breaching one of the above mentioned levels, noting that breaching the resistance will motivate the price to achieve more gains that reach 57.33 as a next main station, while breaking the support will put the price under negative pressure that its next target reaches 48.08.

The expected trading range for today is between 52.00 support and 55.50 resistance.

The expected trend for today: Sideways