Crude Oil

The July Crude Oil chart is starting to look a bit interesting.  We have prices above the 10, 20, 50, and 100 weekly and daily moving averages.  We have a potentially bullish ABCD pattern forming with a move above 97.39.  The current retracement on this potential pattern is less than 50%, which is bullish.  If we can break above that level in the next couple days, then we would also have right handed skewing (7 bars down and less than 7 bars back up).  This would indicate bullish momentum.  Our big obstacles in the way of higher prices are some downward sloping trendlines seen both on the weekly and daily charts.  The daily chart shows this to be a 5 point resistance line.  Will this area be another selling zone in Crude OR will a break above combined with the ABCD pattern be the fuel needed to drive prices higher.  The conservative target of this upside breakout would be 103.62.