How do you move up and left in B7 "Eye of the Oracle?"

I am specifically having trouble in a vertical section after the first checkpoint where you're required to progress vertically and also to the left to avoid a rotating obstacle on the right side of the chamber.

A screenshot with the recommended route as the dotted line:

I see the route, but how exactly do you perform this maneuver?

Many of my attempts end with the plane stalling out and "falling" left, into the wall. In that case, I can't get enough momentum quickly enough to recover. I've been able to get above that purple beam by performing a sort of half loop (holding until I get to the top of the loop and then releasing, falling briefly before I resume flight) but that causes too much movement to the right when I resume and I hit the wall or an obstacle that is out of view in this screenshot.