Crude Oil jumps upwards – Technical Analysis – 29-10-2015

Crude oil price jumped yesterday to breach the moving average 50 and get rid of its negative pressure, to reach 45.75 resistance level that represents 38.2% Fibonacci of the short term bearish wave from 50.89 to 42.58, moving around this level until now in attempt to gain some profits, also, to gather the positive strength and drain the clear overbought signals that appear on the relative strength indexes, before booking the trip to the upside to complete the bullish trend.

We expect to witness rise in the coming trading, especially after settling above 45.75 level, to target 47.72 resistance level that represents 61.8% Fibonacci level of the above mentioned bearish wave.