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Crude Oil

8/22/2017 12:53:45 AM

Crude Oil - Technical Analysis: Tuesday, 22/08/2017 04:53 GMT

Crude oil price achieved strong break to the ascending channel's support to decline clearly yesterday, but it found strong support at 47.22 that represents 38.2% Fibonacci correction level for the rise from 42.04 to 50.42, starting today with bullish bias that indicates the price head to regain the main bullish trend, waiting to test 48.44 level initially.

Thus, the bullish trend will remain expected in general unless breaking 47.22 level and settling with a daily close below it, noting that surpassing 48.44 will push the price towards 50.42 as a next target, while breaking 47.22 will push trades for more bearish correction that its targets reach to 46.23 then 45.24.



Trend Bullish