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Crude Oil

4/19/2016 2:43:21 AM

Oil pares losses - Technical Analysis - 19-04-2016

Crude prices closed lower in the intraday levels as traders booked profits of the past short-term rises, hitting an intraday low at 37.59, bouncing off it higher and paring these losses, with ongoing positive support from the SMA for the last 50 days period, with prices attacking the resistance of 40.04, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the long term (from 62.71 to 26.03), with the ongoing dominance of the upward correctional trend in the short term.

Therefore we expect crude to rise in the coming trading, provided it breaches the resistance of 40.04, confirming its resolve to rise and targeting the next resistance at 44.37, which represents the ratio 50% of the same retracement levels mentioned earlier.



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