Crude Oil rises slightly – Technical Analysis – 03-11-2015

Crude oil price rose recently after leaning on 45.75 key support, which represents 50% Fibonacci level of the short term bearish wave from 50.89 to 42.58, accompanied by consolidating above the moving average 50, which allowed it to gain positive momentum that assisted it to rise, besides forming positive divergence by stochastic.

Therefore, we expect oil price to rise in the coming trading, to target 46.73 resistance that represents 50% Fibonacci level, preparing to attack it and open the way to head towards 47.22 level.