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2/4/2016 3:12:22 AM

Oil reverses the downward trend - Technical Analysis - 04-02-2016

Oil prices surged in the intraday levels after the support of 29.45 held on, trespassing through the SMA50 and getting rid of its negative pressure, while benefiting from its positive buoyancy, with the overall dominance of the main downward trend in the medium and short terms along the trend line as shown in the attached chart, while the latest rise comes about to correct this downward trend.

Therefore we remain neutral regarding the crude's behavior towards the pivotal resistance of 34.00. If it breached it, it'll open the door for more gains, targeting the resistance of 35.50.



Trend Bullish