16/03/15 Light Crude Oil prices closed just below 45 last week


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Light Crude Oil prices closed just below 45 last week where we may see a temporary correction in prices. Candle closed just above Fibonacci Expansion 141.4% at 44.89 and 45 being a psychological support price level, we may see prices going back up should the next candle forms a bullish candle closing above 45.40. However if prices were to continue falling, the next support lies at 44.18 and 43.45 respectively.

 

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Focusing on the H1 chart, bearish momentum holds strong as observed by the downward sloping moving averages as well as the large number of bearish candles. Paying attention to the Fibonacci Expansion, prices are expected to hit 261.8% at 44.18 before a correction occurs.

 

Trend Direction
 S2
S2
S1
R1
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 R3
Bearish if candles close below 44.18 today 40.7743.4544.1845.0046.5048.74  

 

 

 

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