Crude oil declines after hitting key resistance – Technical Analysis – 08-10-2015

Crude oil declined yesterday to gain its last rise profits, attempting to gain some positive momentum that allows it to attack 49.30 key resistance, assisted by the continuous positive pressure that comes from the moving average 50, amid of being affected by breaching a positive pattern’s resistance that was formed previously, a symmetrical triangle pattern.

Our positive outlook still valid on Crude oil for the upcoming periods, targeting 51.80 resistance level.