Crude oil price is affected by the negative momentum – Analysis - 06-05-2021

Crude oil price bounced downwards clearly after approaching 67.00 barrier, to break 65.60 level and head towards potential test to the most important support line at 64.35, noticing that stochastic got rid of its negative momentum to reach the oversold areas.

Therefore, these factors encourage us to suggest resuming the main bullish trend, organized inside the bullish channel that appears on the chart, noting that our next target reaches 67.95, while breaking 64.35 represents negative factor that will press on the price to suffer more intraday losses before turning back to rise again.

The expected trading range for today is between 64.00 support and 67.00 resistance.

The expected trend for today: Bullish