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2/25/2016 2:39:28 AM

Oil rebounds again - Technical Analysis - 25-02-2016

Crude prices fell in the intraday days to the pivotal support of 30.75, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (38.37 to 26.04), which lent the prices positive momentum, sending them higher and reverse the losses to gains at  the end of trading, benefiting from the positive support of the SMA for the last 50 days period, attacking thereafter the resistance of 32.20, representing the ratio 50%.

Therefore we expect crude prices to rise, especially if they breached the resistance of 32.20, targeting the next resistance at 33.66, which represents the ratio 61.8% of the same retracement levels mentioned earlier.



Trend Bullish