Crude oil price breaches the resistance – Analysis - 01-06-2020
Economies.com
2020-06-01 04:30AM UTC
Crude oil price confirmed breaching 34.60 level after ending last week above it, to build bullish channel that appears on the chart, noticing that stochastic begins to overlap positively now, while the EMA50 provides the positive support to the price.
Therefore, these factors encourage us to suggest more bullish bias in the upcoming sessions, and breaching 36.10 is required to confirm the extension of the bullish wave towards 41.04 followed by 43.05 levels, noting that the continuation of the bullish trend requires holding above 34.60 and the most important above 33.25.
The expected trading range for today is between 34.00 support and 37.50 resistance.
The expected trend for today: Bullish
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