Crude oil exhausts its positive chance – Technical Analysis – 20-10-2015

Crude oil price decline on the intraday basis affected by touching the moving average 50, to reach to the short term bullish trend line, which is considered as the last chance of gathering positive momentum that might assist it to keep this main trend, accompanied by positive divergence that appears on the image.

Therefore, we expect the return to rise in coming intraday and short term periods, conditioned by the price stability above 46.00 support, targeting 47.70 resistance level that forms the recent short term recorded top.