Crude Oil - Technical Analysis: Wednesday, 04/03/2015 06:32 GMT
The price stability above the minor ascending channel’s resistance, with positive factors offered by the exponential moving averages 50 and 100 besides stochastic, it might push the price to test the key resistance 51.25.
The mentioned resistance forms neckline of potential inverted head and shoulders’ pattern, and breaching it will lead to achieve bullish targets that reach to 54.65.
On the other hand, stochastic is negative now, and breaking 48.75 level will force the price to decline and exit the ascending channel.
In general, the sideways track still valid until breaching one of the key levels represented by 48.75 support and 51.25 resistance