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Crude Oil






4/13/2016 2:49:11 AM

Oil attacks an important resistance - Technical Analysis - 13-04-2016



Crude prices kept rising in the intraday levels, attacking the important 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), while still settling above it for the moment, with positive pressure from the SMA50, and the dominance of the upward short-term correctional trend.

Therefore we expect more gains to come for crude, as long as it settles above 41.41, targeting the resistance of 45.04, which represents the ratio 78.6% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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