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Crude Oil






3/23/2016 3:15:18 AM

Oil starts recovering - Technical Analysis - 23-03-2016



Crude prices returned higher in the intraday levels after leaning on the support 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), lending it positive momentum that helped it bounce higher again, while being affected by breaching the main downward medium-term trend line, with ongoing positive pressure from the SMA50.

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, readying to attack it.


Target
Risk


Support
Resistance


Trend Bullish

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