Oil breaches a descending price channel's ceiling - Technical Analysis - 24-12-2015

Crude oil prices jumped higher in the intra-day levels, breaking through the simple moving average for the period 50, and getting rid of its negative pressure thereafter, and benefiting from its positive support in its coming trading, which lent it a positive momentum that helped prices gain more ground, succeeding in breaching the ceiling of that descending price channel that limited the crude's previous movements in the short term as shown in the attached chart.

 

Therefore we expect more gains for the crude, targeting the resistance of 39.00 as the first resistance to overcome with that rise.