Light Crude Oil prices find support at 45.00 after OPEC Secretary-General Abdalla El-Badri said insufficient investment could push prices to $200 a barrel and OPEC is open to talks with outside producers. El-Badri comments sparked the rally in oil prices away from 45.00. Stochastic oscillator hooks above 21 away from the oversold region, indicating a stronger buying action in the market. Should candles continue to rise, candles could again be tested by the 55 EMA as a resistance within the next 1 or 2 days.
As focus on H1 chart, the pair starts to be supported at 45.00. Should candles continue to hold above 45, a Fibonacci Expansion could be used to identify the different levels of exhaustion.
|Bullish if candles continue to hold above 45||44.41||45.00||46.40||46.90||48.07|