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Crude Oil

3/11/2016 4:19:02 AM

Oil amid positive outlook - Technical Analysis - 11-03-2016

Crude prices rose in today's morning trading, moving through the pivotal resistance of 38.47, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 50.91 to 26.03), while there's no confirmation yet of breaching that level, but that is considered a positive sign for the crude's coming trading, showing the intent to go on higher, correcting the main downward short-term trend, carried higher by breaching the downward trend line previously as shown in the attached chart.

Therefore we expect more gains to come for crude, targeting the resistance of 41.41, which represents the ratio 61.8% of the same retracement levels mentioned earlier, provided it settles first above 38.47.



Trend Bullish