Crude oil price touches the channel’s support – Analysis - 29-04-2019

Crude oil price traded with clear negativity in the previous sessions to settle at the main bullish channel’s support line that appears on the chart, accompanied by witnessing positive signals through stochastic, which supports the strength of the current support areas and assists to push the price to attempt to resume the main bullish trend again, to suggest the bullish bias in the upcoming sessions, expecting to test 64.90.

Therefore, the bullish trend will be expected for the upcoming sessions conditioned by the price stability above 62.85, as breaking this level will press on the price to suffer more losses on the short term basis.

The expected trading range for today is between 62.00 support and 65.00 resistance.

The expected trend for today: Bullish