Crude oil heads towards the psychological barrier – Technical Analysis – 25-05-2016

Crude oil price continues to rise inside the ascending channel that appears on chart, and the price gets good positive support by the exponential moving averages 50 and 100, to approach from 50$ barrier now, noting that there are chances to find strong resistance there, it might force the price for some intraday decline before attempting to achieve more gains.

The price stability above 46.90 is main condition to continue rising on the short term basis.