Crude is ready to resume bullish direction?

Potential inverse head and shoulder pattern is appearing on NYMEX crude daily chart, which has neckline resistance near $97.50. Sustained move above 97.50 would signal continuation in bullish trend and then a primary rally would take it to 105-107 zones. Supports are now placed at $93.40 and $90 levels. Any failure below $90 dollars would neglect recent bullish developments and then counter may again turn sideways. MACD has given a bullish cross over and has been moving above zero line which indicates bullish momentum. 14 periods RSI is also moving in bullish territory.

Recommendation: buying crude above 98 with stop loss below 93 (daily closing basis) for targeting 103-107 might be appropriate in short term.

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