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Crude Oil

4/27/2016 3:57:39 AM

Oil tackles an important resistance - Technical Analysis - 27-04-2016

Crude oil prices rose in the intraday levels, attacking the important resistance of 44.37, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the long term (from 62.71 to 26.03), with the dominance of the upward correctional trend in the medium and short terms, coupled with ongoing positive pressure from the SMA for the last 50 days period, while noting a venting-off of overbought saturation apparent in relative power indicators in an inconsistent way with the prices' own upward movement, indicating more gains to come.

Therefore we expect more gains to come for crude prices, targeting the resistance of 48.70, representing the ratio 61.8% of the same retracement levels mentioned earlier.



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