Crude oil price is stable – Analysis - 02-05-2019

Crude oil price continues to fluctuate at the main bullish channel’s support line and keeps its stability above it until now, to keep the bullish trend scenario active until now, and the price needs to surpass the EMA50 to be released from the negative pressure and ease the mission of achieving our positive targets that begin at 64.90 and extend to 67.00 after surpassing the previous level.

On the other hand, we should take into consideration that breaking 63.35 and holding below it will stop the expected rise and press on the price to turn to decline on the intraday and short term basis.

The expected trading range for today is between 62.40 support and 65.50 resistance.

The expected trend for today: Bullish