Crude Oil attempts to get rid of the negative pressure – Technical Analysis – 19-10-2015

Crude oil price continues to move along with the short term bullish trend line, touching this line several times recently due to the negative pressure that comes by the moving average 50, hinting a weakness at the main bullish trend, accompanied by a clear overbought signals that appear on the relative strength indexes.

In general, as long as the price is above 46.00 support level, we will continue with our bullish outlook for crude oil, with more bullish trend domination until now, expecting to rise to target 49.00 resistance level.