Crude Oil breaches the positive pattern’s ceiling – Technical Analysis – 07-10-2015

Crude oil price soared yesterday to breach the moving average 50, to get rid of the negative pressure and gain positive momentum, which allowed it to breach the positive pattern’s resistance that was formed on the short term basis, which is the symmetrical triangle that appears on chart, reaching the key resistance at 49.30 mentioned yesterday.

Our bullish outlook continues for the upcoming trading, especially when confirming breaching 49.30 level, to head direct towards 51.80 level.