Crude oil cancels the negative pattern – Technical Analysis – 12-05-2016

Crude oil price soared strongly to cancel the head and shoulders’ pattern scenario explained in our last report, opening the way to resume the bullish trend on the medium term basis, supported by the exponential moving averages 50 and 100.

Breaching the recently recorded top at 46.78 will confirm rallying towards 50.00$ barrier, noting that continuing the expected bullish trend depends on the price stability above 42.20.