Crude prices closed higher in the intraday levels, succeeding in settling above 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), with ongoing positive support of the SMA for the last 50 days period, with an influx of positive signals from relative power indicators.

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.

Trend Bullish