Crude Oil draws positive formation - Technical Analysis - 17-09-2015

Crude oil price rose to complete forming a symmetrical triangle pattern that we are expecting to push the price to test the key horizontal resistance at 49.30, this resistance forms a neckline of a double bottom pattern, therefore, breaching this resistance will lead the price to achieve more rise on the longer term basis.

The exponential moving averages 50 and 100 support the positive possibility, which its continuation requires two main conditions: the first is breaching 49.30, while the second is holding above 43.40.