Crude Oil: Technical Clue For Medium-Term Bulls At 54.50
ICN.com | Mar 27, 2015 06:46AM ET
By examining the weekly chart of Crude Oil, we will notice fine Fibonacci rhythmic connected the movements since the third week of June 2014.
The Fibonacci symmetry suggests potential completion of a bullish Crab pattern with PRZ at 200% Fibonacci projection of the XA leg instead of 161.8%.
RSI14 over weekly studies are being relieved after hitting the value of 30.00 upwards, while ADX is gradually turning positive; although it didn’t give off a confirmed sign yet.
The key for resuming the medium-term recovery resides at 57.80 where 23.6% of CD, but this level will be tested only as far as oil didn’t place a new low.
Over short-term basis, the clue resides at 54.50 where SMA20 interests with the classical resistance level and a break above it will be a very positive sign.
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