Crude Oil exits a descending channel - Technical Analysis – 28-10-2015

Crude oil price rose recently accompanied by stochastic form to the positive divergence that appears on the above chart, with positive signals that begin to appear through the relative strength index indicators, which pushed the price to exit the descending channel that confined the short term trading, with move negative pressure from the moving average 50.

Therefore, we expect to witness bullish moves for oil price, targeting 43.78 resistance level, accompanied by touching the resistance level formed by the moving average.