Crude oil price attempts to return to the channel – Analysis - 19-11-2020

Crude oil price found solid resistance formed by the broken support of the bullish channel that appears on the chart, which force the price to provide negative trades now, on its way for potential test to the key support base located now at 40.90.

The EMA50 continues to support the price from below, while stochastic attempts to gather the positive momentum, therefore, we believe that the chances valid to resume the main bullish trend, which its next main targets located at 43.75 followed by 44.80, noting that holding above 40.05 is important to achieve these targets.

The expected trading range for today is between 40.05 support and 43.50 resistance.

The expected trend for today: Bullish