Crude Oil leans on a key support level – Technical Analysis – 12-11-2015

Crude oil price declined on the intraday basis pushed by the negative moving average 50, to reach the key support 42.77 that represents 61.8% Fibonacci of the bullish wave measured from 37.75 to 50.89, accompanied by forming positive divergence on stochastic.

Therefore, we expect the price rise on the intraday basis conditioned by holding above 42.77, targeting 44.32 resistance that represents 50% Fibonacci level.