Crude oil prices surged in the intraday levels after leaning on the important support of 29.12, representing the ratio 23.6% of Fibonacci retracement levels for a descending wave in the short term (from 39.10 to 26.04), coinciding with another lean on the support of the SMA50, lending the crude positive momentum that helped it rise anew, breaching the resistance of 31.03, which represents the ratio 38.2%, and settling above it, along with an influx of positive signals from relative power indicators.

Therefore we expect more gains for the crude in the coming trading, targeting the resistance of 34.11, representing the ratio 61.8% of the same retracement levels mentioned earlier.

Trend Bullish