Crude oil price returns to the support – Analysis - 01-05-2019

Crude oil price returns to test the main bullish channel’s support line, accompanied by stochastic reach to the oversold areas, which forms positive factor that adds strength to the mentioned support, to keep the chances valid to resume the main bullish trend, which its targets begin at 64.90 and extend to 67.00.

We should note that holding above 63.25 represents main condition to achieve the suggested targets, as breaking it will press on the price to start bearish correction 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