Crude Oil prepares to rise – Technical Analysis – 30-10-2015

Crude oil price moved within tight range yesterday, attempting to gather positive momentum to assist it to rise, supported by the moving average 50 and the price stability above 45.75, which represents 38.2% Fibonacci level of the bearish wave measured from 50.89 to 42.58, besides that draining the overbought signals support the positive scenario.

Therefore, we expect more rise in coming trading, targeting 47.72 resistance level that represents 61.8% Fibonacci of the above mentioned wave.