Crude oil recovers – Analysis - 11-03-2019

Crude oil price tested the key support 54.50 and bounced upwards strongly from there, to keep the positive effect of the inverted head and shoulders’ pattern active, starting attempts to return to the bullish channel that appears on the chart now, and it needs to breach 56.60 followed by 57.46 levels to reinforce the expectations of continuing the main bullish trend, noting that our main waited targets begin at 60.00 and extend to 64.90.

We should note that the continuation of the bullish wave depends on the price stability above 55.50 and the most important above 54.50.

The expected trading range for today is between 55.00 support and 58.50 resistance.

The expected trend for today: Bullish