Crude Oil forms positive formation – Technical Analysis – 06-10-2015

Crude oil price trades within an under-construction positive pattern which is a symmetrical triangle, accompanied by positive signals coming from stochastic appearing on the above chart, while the price declined in the last session affected by the resistance formed by the SMA50, attempting to gather positive momentum that assist it to get rid of the negative pressure, thus, breaching the mentioned pattern’s resistance

Therefore, we expect the price to rise in the upcoming trading, especially when confirming the pattern by breaching its resistance, to target 49.30 resistance as a first main resistance.