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Crude Oil Technical Analysis for November 11, 2015

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Chart setups:
A 4 hour chart view has been presented again with focus on the recent wave structure. Crude looks to have already formed a meaningful support around the mid 42.00 levels earlier. Also note that the rally between 42.50 and 48.50 levels has retraced to its fibonacci 0.786 levels, and is bouncing off now. A bullish candlestick reversal here would confirm that a higher low has been from around 44.00 levels and that the commodity is on its way towards 51.00 and 56.00 levels respectively in the coming weeks. Immediate support is seen at 42.50 levels (interim), followed by 38.50 and lower while resistance is seen through 48.50 levels (interim), followed by 51.00 and higher respectively. Also, the RSI has been holding the 30 levels well, and that could be encouraging for bulls.
Trading recommendations:
Long now, stop at 42.00, target 51.00 and 56.00.

 

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