Crude Oil Technical Analysis for November 16, 2015
Posted by FXTimes in Featured - November 16th, 2015 7:10 am GMT
A compressed view of the 4H chart presented here, is still indicative of a potential ABC setup, indicating a rally, that could exceed 51.00 levels in the sessions to come. It was discussed last week that Crude could find support around 40.50 levels, which is also the fibonacci 0.786 support. Prices dropped lower into 40.20 levels, before bouncing back and is seen to be trading around 40.93 levels for now. Although a convincing bullish reversal candlestick pattern is still not seen on 4H chart view, bulls remain favoured to push prices through the 42.20 resistance. That rally should confirm a bullish reversal in the commodity, at least medium term. Immediate support is seen at 38.50 levels, followed by 37.75 levels, while resistance is seen at 42.20 levels and higher respectively. Also note that the RSI is has turned north just below 30 levels.
Long now, stop at 38.00, target above 51.00.