Sept Crude formed a bullish Inverse Head & Shoulder pattern and broke out above the $88 neckline in mid July. Price then ran up to next resistance being the Dec low breakdown point of 93.45 and classically pulled back to the breakout point to "test" 88 as support. Price spent two weeks testing this important price point but did finally "push off" of 88 and broke out above the 3 month downtrendline and is once again testing price resistance at the Dec low breakdown point of 93.45. Clearing and holding above 93.45 would suggest much higher levels all the way to $103. Failing to clear 93.45 would be bearish and could easily turn the technicals lower once again. Critical price resistance to cross or fail at. Nice looking pattern "so far" but this 93.45 resistance level is the 'acid test' for Crude to succeed or fail here. Note the 20ema has not yet crossed above the 50ema and the 3 moving averages are still bearishly inversed. Also price has retraced between a Fib 38.2% and 50% of the March to June selloff which often stops rebounds in most markets. And this resistance level being approached is also approaching the falling 200ema. And the Modified MACD while positively crossed and rising is also still below and approaching the 0 line resistance. Big test right here for Sept Crude!