Crude oil hints more rise – Technical Analysis – 09-10-2015

Crude oil price returned to rise yesterday after being affected by the profit gaining wave and gathering positive momentum, with more positive pressure provided by the moving average 50, affected by breaching the resistance line of the previously formed short term positive pattern, which is the symmetrical triangle that appears on chart, which pushed the price to breach the key resistance 49.30 and succeed to close above it, to continue rising with today’s opening.

Therefore, we expect more rise in the coming trading, targeting 51.80 resistance