Crude oil forms higher low – Technical Analysis – 16-10-2015

Crude oil price continued to decline recently attempting to seek new higher low to lean on it and rally upwards to keep the short term bullish trend, while we mentioned the importance of holding above 46.00 in the previous reports, which allowed it to get positive momentum that assisted it to bounce higher, accompanied by testing the short term bullish trend line, while the next trading will clarify whether this bullish rebound is a build of new higher low or the moving average 50 negative pressure will push the price to decline again.

Until now, we expect more rise in the coming trading, conditioned by the stability of 46.00 support, and the next target is 49.00.