Crude Oil - Technical Analysis: Monday, 20/04/2015 05:11 GMT

Crude oil price is negotiating 23.6% Fibonacci level for the bearish wave measured from 107.50 to 42.03, this represents key resistance at 57.48, and breaching it will offer strong positive key to push the price for more rise towards the next target at 67.04.

The technical indicators are negative now and might cause some sideways fluctuation and temporary bearish bias on the intraday basis before attempting to breach the mentioned correctional level.

The current ascending channel supports the continuation of the bullish trend in the upcoming period.