Oil drives through a descending price channel's ceiling - Technical Analysis - 22-01-2016
Crude oil prices rose in the intraday levels, succeeding in breaching the resistance of 29.80, along with another breach of the ceiling of that descending price channel which limited the crude's previous short-term movements as shown in the attached chart, giving it thereafter positive momentum that helped it keep rising, trespassing the SMA for the last 50 hours period, and getting rid of is negative pressure, and benefiting from its support in the next trading, as prices attempt to recover some losses and reverse the main downward trend.
Therefore we expect more gains to come for the crude, targeting the resistance of 32.50.
Trend
Bullish