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3/21/2016 3:37:16 AM

Oil tries to garner positive momentum - Technical Analysis - 21-03-2016

Crude prices fell in the intraday levels as traders took profits of the past short-term rises, with prices try to gather positive momentum that would help them rise again and attack the resistance of 41.41, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term (from 50.91 to 26.03), with the continuing positive pressure from the SMA for the last 50 days period, while being affected by breaching the main downward long-term trend.

Therefore we expect crude to reverse higher again in the coming trading, as long as the pivotal support of 38.47 holds on, targeting thereafter the resistance of 41.41, readying to attack it.



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