Light crude oil chart analysis

Light crude oil chart analysis (weekly) ;
1) Main trend (red) is "broken".
2) Clear resistance @ "yellow" channel (see chart)
3) Current pattern and latest price action suggest we are heading higher
4) Do NOT jump to conclusions yet ; focus on the Shangai index, it tends to "anticipate" a move in light crude oil.
5) Lots of talks/rumors of a double dip, so do not jump to conclusions yet !
PS ; If you are long, raise stop loss level to $77