Crude Oil achieves the main target and prepares to reverse

We need to take into consideration that breaking below 91.45 will threaten the chances of achieving the expected incline. By Yasir Mubarak

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Crude Oil price touched the ideal target of the previously completed rising wedge pattern –support leve shown in the red dashed line- in addition to the main target of the previously suggested double top formation, this target met with support line of ascending channel appears clearly in the image above.

Stochastic provides positive support for the intraday trading, thus, I will expect to witness upside trend in the coming days where the main targets start at 95.35, which a breach of this level will open the door towards 100.70

We need to take into consideration that breaking below 91.45 will threaten the chances of achieving the expected incline.

Trading range expected for this week between 90.65 support and 99.00 resistance.