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Crude Oil

4/15/2016 5:05:01 AM

Oil drops on profit-taking - Technical Analysis - 15-04-2016

Crude prices fell in the intraday levels as traders took profits of the past short-term rises, while prices try to garner positive momentum to help it keep up the upward short-term correctional trend, as they still settle above the pivotal support of 40.04, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the long term (from 62.71 to 26.03), with ongoing positive pressure from the SMA for the last 50 days period.

Therefore we expect crude to return higher in the coming trading, provided the support of 40.04 holds on, targeting the resistance of 44.37, which represents the ratio 50% of the same retracement levels.



Trend Bullish