Crude prices fell in the short term, trying to gather positive momentum and reach a bottom to bounce off it higher again. Crude then leaned on the important support 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), with ongoing positive pressure from the SMA50.

Therefore we expect crude to reverse higher in the coming trading, targeting the resistance of 34.11 as it readies to attack it.

Trend Bullish