Crude Oil achieves more gains – Technical Analysis – 25-11-2015

Crude oil price continued to rise on the intraday and short term basis to breach the key resistance 42.77, which represents 61.8% Fibonacci of the medium term bullish wave measured from 37.75 to 50.89, closing above it, besides breaching the moving average 50, that allowed it to get rid of the negative pressure and gain more positive momentum.

Therefore, we expect more rise for crude oil price in the coming trading, targeting 44.32 key resistance that represents 50% Fibonacci level.