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Crude Oil






4/21/2016 4:01:56 AM

Oil amid positive outlook - Technical Analysis - 21-04-2016



Crude prices surged in the intraday levels, which came after prices leaned on the important support 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), lending it positive momentum to help it rise again, with the positive support of the SMA for the last 50 days period, and the dominance of the upward correctional short-term trend.

Therefore we expect more gains to come for the crude, targeting the resistance of 44.37, which represents the ratio 50% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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