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4/25/2016 3:29:52 AM

Oil racks up more gains - Technical Analysis - 25-04-2016

Crude prices kept rising in the intraday levels as they settle firmly above the pivotal support of 40.04, which represents the ratio 38.2% of Fibonacci retracement levels for a descending eave in the long term (from 62.71 to 26.03), with ongoing positive pressure from the SMA for the last 50 days period, coupled with dominance from the upward correctional trend in the short term, and an influx of positive signals from relative power indicators.

Therefore we expect more gains to come for crude, as long as the support of 40.04 holds its ground, targeting the resistance of 44.37, which represents the ratio 50% of the same retracement levels mentioned earlier.



Trend Bullish