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Crude Oil

3/15/2016 4:36:36 AM

Oil tries to stimulate positive momentum - Technical Analysis - 15-03-2016

Crude fell in today's morning as it tries to garner positive momentum that'd help it rise again, with the crude being affected by breaching the downward trend line in the medium and long terms as shown in the attached chart, with ongoing positive pressure from the SMA for the last 50 days period, with prices settling above the support of 35.53, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the medium term (from 50.91 to 26.03), while noting relative power indicators have reached extremely oversold levels.

Therefore we expect crude to rise in the coming trading, targeting the resistance of 38.47, representing the ratio 50% of the same retracement levels mentioned earlier, readying to attack it.



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