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Crude Oil

3/17/2016 4:30:24 AM

Oil recovers anew - Technical Analysis - 17-03-2016

Crude prices jumped in the intraday levels, breaching the pivotal resistance of 38.47, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 50.91 to 26.03), which comes as crude broke through the main downward trend in the medium term as shown in the attached chart, with an influx of positive signals from relative power indicators, after they reached extremely oversold levels compared to the prices' upward movements, with positive pressure from the SMA50.

Therefore we expect more gains to come for crude, targeting the resistance of 41.41, representing the ratio 61.8% of the same retracement levels mentioned earlier.



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