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Market Analysis

Home » Featured » Crude Oil, Technical Analysis for November 17, 2015

Crude Oil, Technical Analysis for November 17, 2015

Posted by FXTimes in Featured - November 17th, 2015 8:08 am GMT

Chart setups:
A 4H view has been presented here, further to last discussions. The expanded chart finally confirms a bullish engulfing candlestick pattern right on the fibonacci 0.786 support zone. Prices are trading at 41.65 levels for now, having taken out initial resistance at 42.20/30 levels. It is now safe to assume that a potential C is in place, and that the next leg could be bullish from here. Bulls are poised to remain in control till prices stay above 40.00 levels broadly. Intraday pullbacks should be well capped ahead 0f 41.20/30 levels now. Immediate support is seen through 40.00 levels, followed by 38.00, while resistance is at 42.70 levels, followed by 43.30 and higher respectively. Please also note that the RSI has turned north from just below the 30 mark as well, that should be considered as bullish. If the above wave count holds true, Crude should print higher highs and higher lows from here on.
Trading recommendations:
Long now, stop below 40.00, target above 51.00.
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