Crude oil had taken off from the key weekly moving averages. It had formed an inside bar on the weekly chart at that level and broke out on the upside. From there it has crossed the key hurdle of $103, which is now acting as a key support. Since the last couple of weeks crude has been trading with a sideways to bearish bias. It has taken form of a running triangle on the daily chart and is ready to breakout on the upside. The oil is now set to test the high of $114.83; the equality target beyond that is $127.
