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3/2/2016 2:04:33 AM

Oil amid positive outlook - Technical Analysis - 02-03-2016

Crude prices kept rising in the short term, buoyed by a breach of the descending price channel that limited the crude's previous short-term movements as shown in the attached chart, with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart, while attacking the pivotal resistance of 34.20, with the overall dominance of the main downward trend in the medium term as it tries ti correct the main trend.

Therefore, in case the crude broke through the resistance of 34.20, we expect further gains, targeting thereafter the pivotal resistance of 37.85.



Trend Bullish