Crude Oil shows some positive signals – Technical Analysis – 19-11-2015

Crude oil price rose on the intraday basis to attack a descending channel’s resistance that organizes the short term trading, signaling a breach of this resistance without confirming it until now, besides getting positive signals from stochastic, while the moving average 50 is pushing negatively on the price.

Therefore, we expect oil price to rise in the coming period, conditioned by confirming breaching the channel’s resistance, targeting 44.95 resistance level as a main target.