Crude Oil - Technical Analysis: Monday, 19/01/2015 07:43 GMT
Sideways trading recently inside the sideways range shown on image, and breaching 49.60 or 44.20 will detect the next track.
An inverted head and shoulders’ pattern is under construction now, it will be confirmed by breaching 49.60 level, which will push the price to rise and visit 55.30 levels.
On the other hand, stochastic is negative, and the exponential moving average 50 forms negative pressure on the intraday trading.
Therefore, we will wait to breach one of the above mentioned levels to detect the next trend.