Crude oil price confirms the breach – Analysis - 03-06-2020

Crude oil price confirmed breaching 36.10 level, and rallies to achieve more gains, as it surpassed 37.00$ barrier and settles above it, which supports the continuation of our bullish overview efficiently on the intraday and short term basis, and we believe that the way is open to achieve our positive targets that begin at 41.04 and extend to 43.05.

The bullish channel continues to organize the suggested bullish wave, which gets continuous support by the EMA50, taking into consideration that breaking 36.10 followed by 35.25 levels will stop the expected rise and press on the price to start correctional bearish wave on the intraday basis.

The expected trading range for today is between 36.10 support and 40.00 resistance.

The expected trend for today: Bullish