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Crude Oil Technical Analysis for November 06, 2015

Chart setups:
A 4 hour chart view has been presented here in continuation to what was discussed early this week. Please note that Crude has corrected from sub 48.50 levels the other day, to almost 45.00 levels as expected. The commodity trades very close to its fibonacci support around 44.80 levels now. One can expect one last push and test of 44.80 levels before the rally resumes. If we look into the wave count, the rally between sub 42.00 levels through 48.50 would be wave 1, the drop from 48.50 to 45.00 levels can be treated as wave 2. The extension wave 3 could resume towards 51.00 and higher levels from here on. Immediate support is seen through 44.80 levels, followed by 42.50 and lower while resistance is seen at 51.00 and higher levels respectively. Bulls should remain poised to regain control from current levels.
Trading recommendations:
Long now, stop at 42.00, target 56.00 and higher.
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