Crude oil price is recovering – Analysis - 03-12-2020

Crude oil price provided strong positive trades on yesterday’s evening to settle at the resistance line of the intraday bearish channel that appears on the chart, which we believe it forms bullish flag pattern, which means that breach 45.30 will activate the positive effect of this pattern and push the price to regain the main bullish trend again.

Therefore, the bullish trend will be suggested for the upcoming sessions, and the targets begin at 46.21 and extend to 48.00 after surpassing the previous level, noting that failing to breach 45.30 will press on the price to resume the correctional bearish track that its first main target located at 43.24.

The expected trading range for today is between 44.00 support and 47.00 resistance.

The expected trend for today: Bullish