Update: Crude oil completes a positive pattern

Crude oil price soared to breach the minor bearish channel’s resistance that appears on chart and attempts to hold above it, noting that this channel forms a continuation bullish flag pattern that its positive effect is activated after this breach, which leads the price to attempt to regain the bullish trend and stop the recently dominating negative pressure.

Therefore, we draw the attention of changing the destination upwards supported by stochastic and the EMA50, noting that breaching 58.25 barrier will confirm opening the way to target 60.00 areas, followed by going further towards 66.10.