Crude Oil Trades Around 78.6% Fibonacci
ICN.com | Jul 27, 2015 05:22AM ET
Oil trades around 78.6% Fibonacci, which was our previous defined target at 48.00, as seen on the provided chart.
ADX shows the resumption of the bearishness, but RSI started to reflect obvious oversold signs.
Therefore, we will be neutral over intraday basis; noting that moving below 51.15 keeps the negative scenarios valid, while being capped by 49.20 is more negative.
Risk versus reward ratio is inappropriate near 78.6%.
Support: 47.60 – 47.00 – 46.15
Resistance: 48.55 – 49.20 – 50.00
Direction: Sideways
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