Oil breaks through a descending price channel's ceiling - Technical Analysis - 14-01-2016
Crude oil prices suffered from high volatility in the intraday levels, starting the day with a rise that confirmed the break of the ceiling of a descending price channel that limited the crude' previous movements in the short term, with an influx of positive signals from relative power indicators, and a continuous negative pressure from the simple moving average for the period 50.
Therefore we expect crude to rise, targeting the first resistance at 32.09.
Trend
Bullish