Crude oil price reaches the target – Analysis - 09-04-2019

End of day analysis for Crude oil 09-04-2019

Crude oil price succeeded to reach the thresholds of our main waited target at 64.90 and settles near it, and it might witness some temporary bearish bias affected by stochastic negativity before resuming the positive attempts again.

The EMA50 keeps providing the positive support to the price and reinforces the chances of continuing the main bullish wave, organized inside the bullish channel that appears on the chart, noting that breaching 64.90 will extend oil price gains to reach 66.85 as a next main station, taking into consideration that breaking 63.70 will press on the price to start intraday bearish correction before resuming the main bullish trend again.

The expected trading range for today is between 63.50 support and 66.00 resistance.

The expected trend for today: Bullish