The crude oil price rose sharply in its recent intraday trading, to breach the key resistance level ay $58.75, this level represents a neckline for a positive technical formation on the short term basis, which is the inverted head and shoulders pattern, as appears in the above chart for 60 minute time frame, and it succeeded to surpass the negative pressure on the EMA50, reinforcing the positive momentum, especially, with the emergence of the positive signals on the (RSI).
The performance of the precious metal comes after leaning on the main support of$,3,200previously, which provided positive momentum that helped it to rebound higher, to recover its previous losses, and it managed to offload some of the clear oversold conditions on the (RSI).
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