Crude Oil gathers its positive strength – Technical Analysis – 02-11-2015

Crude oil price declined by the end of last week, in attempt to gather positive momentum that will assist it to rise, to attack the key resistance 46.73, which represents 50%fibonacci for the short term bearish wave from 50.89 to 42.58, with the continuation of the positive support of the moving average 50, besides trading inside an ascending channel on the intraday and short term basis.

Therefore, we expect the price to rise in the coming trading, but it needs to confirm breaching 46.73 resistance level to target 47.72 level that represents 61.8% Fibonacci of the above mentioned bearish wave.