Oil keeps rising - Technical Analysis - 25-01-2016
Crude oil prices kept muscling up in the intraday levels, with positive support from the SMA50, and with the crude being affected by breaching the ceiling of that descending price channel that limited its previous short-term movements as shown in the attached chart. Prices then reached the resistance of 32.50, while trying to vent off the extremely overbought saturation in relative power indicators that isn't consistent with the the crude's rise.
Therefore we expect more gains to come for the crude, targeting the resistance of 34.00 as a price target for the exit of that price channel.
Trend
Bullish