Crude oil price begins positively – Analysis - 02-03-2020

Crude oil price opens today’s trading with clear bullish bias to test the intraday bearish channel’s resistance that appears on the chart, accompanied by stochastic loss to the positive momentum and reaching the overbought areas, waiting to rebound bearishly from the current areas to resume the main bearish trend, which targets 43.00 level as a next negative station.

Therefore, the overall bearish scenario will remain suggested for the upcoming period, noting that breaching 46.60 will push the price to achieve additional gains that target 49.40 areas as a next station before any new attempt to decline.

The expected trading range for today is between 44.00 support and 47.30 resistance.

The expected trend for today: Bearish