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Crude Oil

2/19/2016 4:36:41 AM

Oil tries to garner positive momentum - Technical Analysis - 19-02-2016

Crude prices fell in the intraday levels, as traders scramble to gather profits and as the pair tries to generate positive momentum that would help it rise again, with ongoing positive support from the SMA for the last 50 days period, while noting that relative power indicators have reached extremely oversold levels in a way contradictory to the prices' upward movements, signaling nearing positive momentum.

Therefore we expect the crude to rise in the coming trading provided it settles first above the resistance of 31.03, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (39.10 to 26.04), targeting thereafter the next resistance at 32.57, which represents the ratio 50%.



Trend Bullish