Crude oil touches the first target – Analysis - 21-02-2019

Crude oil price settles around our first target 57.46, and the price attempts to breach this level, as the positive effect of the inverted head and shoulders’ pattern still active, waiting to confirm the breach to open the way to target 65.00 as a next station.

Therefore, the bullish trend will remain dominant in the upcoming period supported by the EMA50 and the organized moves inside the bullish channel that appears on the chart, noting that breaking 56.25 might press on the price to test 54.50 before any new attempt to rise.

The expected trading range for today is between 56.25 support and 60.00 resistance.

The expected trend for today: Bullish