Crude oil is trading above its upward trend line on a 4 hour time frame. The price has broken its major resistance of $100 mark and the next resistance is at 102.88. The price has also completed its reverse head and shoulder pattern on the same time frame and is about to break out of its flag pattern- another bullish pattern.
However, the RSI indicator is trading near the over sold zone and this means that the bias could be to the downside.
Important Zones
102.38-102.88 Major Resistance
97.47-97.00 Support Zone
Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam