Crude oil is forming impulsive waves ((5)).
After the completion of wave ((3)), the price had started complex running flat of the corrective wave ((4)).
Wave B has crossed the high of wave ((3)), but wave B couldn't break the low of wave A.
Price has made a failure of swing low, which was a rejection of a downtrend, and crude oil gained momentum.
1) On daily Time frame, it has given breakout of rounding bottom pattern. Breakout level range is 1585-1586. Nearest resistance level is 1600 level.
Please refer below chart : Daily time frame.
2)On Daily Time frame we can see that it has broken 100DMA and 200DMA with bullish candle.
Please refer below chart : Daily time frame....