Capital Trust
Capital Trust
images

Dec 08, 2016

03:30 PM EDT


  • New York open
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Featured » Crude Technical Analysis for November 13, 2015

Crude Technical Analysis for November 13, 2015

Posted by FXTimes in Featured - November 13th, 2015 6:54 am GMT

n
Chart setups:
A compressed view of 4H chart has been presented here to look into alternate wave count, since Crude drops below 42.00 levels. It looks like the retracement which began from sub 51.00 levels earlier, could extend lower through 40.60/70 levels, which is fibonacci 0.786 support as well. Please note that the drop from 51.0 levels still looks to be corrective, unfolding in 3 waves counter trend. Watch out for support around 40.50/60 levels and a potential bullish reversal. Immediate support is now seen at 37.00 levels, while resistance is seen through 41.75 levels, followed by 42.50/60 and higher respectively. Also note that the RSI is just around the 30 levels for now, might just be preparing to rally. Also the MACD has been indicating bullish divergence on the hourly charts, so a reversal may be around the corner.
Trading recommendations:
Looking to initiate longs around 40.60/70 levels, stop at 37.00, target above 51.00

 

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.