Crude Oil - Technical Analysis: Monday, 08/06/2015 07:21 GMT

Crude oil price moved from the ascending channel’s resistance to its support line through sideways trading inside a rectangle that appears on chart, this pattern is continuation formation that supports continuing the bullish trend on the short term and medium term basis.

Breaching 61.85 level will offer good positive motive that supports the continuation of the bullish bias, and the next targets start at 67.04 then 74.77.

The exponential moving averages 50 and 100 keep supporting the expected bullish wave.