Crude oil attempts to change the direction

Crude oil price rallied sharply to the upside starting breach process to the downside correctional channel at 96.95, and to take a look at the chart attached in our main technical reports for oil, we notice that breaching above this channel will activate a positive effect for a positive continuation flag pattern, that has the ability to change the intraday trend to the upside, and attempt to stop the current downside correction.

Therefore, we need to monitor the daily close according to the mentioned level to be sure that the correctional process is stopped or to get back and push negatively to head towards the mentioned targets in our technical reports.