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Crude Oil

2/22/2016 2:35:36 AM

Oil starts recovering - Technical Analysis 22-02-2016

Crude prices kept falling in the short term, reaching the support of the SMA50, which lent it positive momentum that bounced it higher today, with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart, with the crude readying to attack the resistance of 32.57, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 39.10 to 26.04).

Therefore we expect crude prices to rise in the coming trading, especially if it breached the resistance of 32.57, targeting the next resistance at 34.11, representing the ratio 61.8%, readying to attack it.



Trend Bullish