Moving Average Trender on daily chart has turned positive, weekly reversals has come through with strong support on 75-80 levels, First target is a 38% retracement level, after achieving it a positive rally can be seen till 96-100 levels.
On technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
T1: 55.29
T2: 53.62
T3: 52.93
T4: 51.73
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
