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Crude Oil

4/7/2016 3:47:05 AM

Oil climbs for second straight day - Technical Analysis - 07-04-2016

Crude prices rose in the intraday levels for the second day in a row, after leaning previously on the pivotal 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 coinciding with another lean on the support of the SMA for the last 50 days period, lending positive momentum that helped it rise afterwards.

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



Trend Bullish