End of day analysis for Crude oil 22-03-2019

Crude oil price traded negatively to break the bullish channel’s support line and moves below it now, but we notice that the EMA50 attempts to protect the price from suffering more losses, while stochastic begins to overlap positively on the four hours’ time frame.

Therefore, we believe that these factors will support the chances of resuming the main expected bullish trend for the upcoming period, which targets 64.90 areas mainly, while holding below 59.00 represents negative factor that will press on the price to achieve more decline and visit 57.46 areas before any new attempt to rise.