Oil attacks a pivotal resistance - Technical Analysis - 15-02-2016

Oil prices rose sharply in the intraday levels, smashing through the SMA for the last 50 hours period, benefiting from its positive support, and leading them to breach the resistance of 28.11, which represents the ratio 23.6% of Fibonacci retracement levels for a descending wave in the short term (from 34.79 to 26.04), readying to attack the pivotal resistance of 29.38, representing the ratio 38.2%.

Therefore we expect more gains to come for the crude, provided it breached the resistance of 29.38, targeting thereafter the resistance of 31.45, which represents the ratio 61.8% of the same retracement levels.