Light Crude Oil prices reverses at Fibonacci Retracement 61.8% at 47.24. Candles quickly assumed on a bullish run after candles failed to close below 47.00 yesterday. With a surge in prices, a retracement is expected and candles were observed to find resistance at 50.00. Candles may soon continue on its bullish run after retracing and candles may test 200 EMA as a support on the H4 chart.
Focusing on the hourly chart, bearish trend was observed to exhaust after candles touched Fibonacci Expansion 200.0% at 47.18 and quickly shot up breaking above the trend channel. With candles now finding resistance at 50.00, candles are expected to continue retracing lower towards 49.00. However, should candles continue to break above 50.00, the resistance levels lie at 50.80 and 51.50 respectively.