Bullish Crude Targets 50.00
ICN.com | Sep 17, 2015 05:23AM ET
Following yesterday’s inclines, small body candles haven been formed during the Asian session, as the low liquidity conditions dominated the movements ahead of the Fed decision.
Oil stabilizes above 23.6% Fibonacci at 46.55 and that is a good technical catalyst. Strength of bullish trend is seen on ADX and on RSI14, which moves near 70.00 levels, but above moving averages. Therefore, the bullish scenario remains valid with stable moves above 47.80, targeting 50.00 levels.
- Support: 46.55 – 46.00 – 44.85
- Resistance: 47.80 – 48.25 – 49.35
- Direction: Bullish
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