Crude oil price within a positive pattern – Analysis - 01-03-2021
Crude oil price touched the minor bullish channel’s support line and bounced bullishly from there, noticing that the recent trades are confined within bullish flag pattern that its resistance line located at 62.75, which means that breaching this level will motivate the price to achieve more expected gains in the upcoming sessions, noting that the positive targets begin at 63.90 and extend to 65.10.
Therefore, we suggest witnessing more rise today, supported by stochastic and the EMA50 positivity, taking into consideration that breaking 61.40 will stop the positive scenario and press on the price to start correctional bearish wave.
The expected trading range for today is between 61.40 support and 64.00 resistance.
The expected trend for today: Bullish
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