Crude oil price attempts to recover – Analysis - 16-05-2019

Crude oil price found solid support at 60.86, which pushed trades to achieve intraday gains and surpass the EMA50, and we suggest witnessing sideways trading between the mentioned support and 62.70 resistance until the price manages to confirm surpassing one of these levels followed by detecting the next destination clearly.

Note that breaking the mentioned support will press on the price to extend the correctional bearish wave on the short term basis and head towards 57.33 as a next main station, while breaching the resistance will lead the price to regain the main bullish trend and achieve gains that start at 63.80 and extend to 66.58.

The expected trading range for today is between 60.86 support and 63.80 resistance.

The expected trend for today: Sideways