Crude Oil - Technical Analysis: Monday, 09/02/2015 07:28 GMT

More sideways trading recently, and its testing the key resistance 52.75 now, while facing negative pressure from the exponential moving average 50 and stochastic.

By going back to our charts in the previous reports we notice the dominating sideways range, but we should be aware that the price is completing an inverted head and shoulders’ pattern appears on the daily chart, thus, breaching 53.30 level will confirm this pattern and push the price to rally upwards on the short term basis.