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Crude Oil






4/29/2016 6:48:59 AM

Oil heads higher - Technical Analysis - 29-04-2016



Crude prices kept rising in the intraday levels, succeeding in breaching the pivotal 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 ongoing positive pressure from the SMA for the last 50 days period, combined with the dominance of the upward correctional medium-term trend.

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


Target
Risk


Support
Resistance


Trend Bullish

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