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Crude Oil

3/4/2016 2:55:39 AM

Oil buoyed by further short-covering - Technical Analysis - 04-03-2016

Crude prices rose in the short term, buoyed by further correction to the main downward trend, and supported by exiting that descending price channel that limited the crude's previous short-term movements as shown in the attached chart, coming with an influx of positive signals from relative power indicators, with the crude succeeding in breaking through the important resistance of 34.20, settling above it for the moment and opening the door for more gains.

Therefore we expect more short covering for crude prices in the coming trading, targeting the pivotal resistance of 37.85 as a price target for exiting that price channel.



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