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2/16/2016 2:55:41 AM

Oil scores more gains - Technical Analysis - 16-02-2016

Oil prices kept rising in the intraday levels, breaking through the resistance of 30.41, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 34.79 to 26.04), with ongoing positive support from the SMA50, while noting a venting-off of overbought saturation in relative power indicators to the point where they reached extremely oversold levels in a contradictory way to the prices' upward movement, adding to the positive signals.

Therefore we expect more gains to come for the crude, targeting the resistance of 32.73, which represents the ratio 76.4% of the same retracement levels.



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