Light Crude Oil prices rebounds after finding resistance at 55 EMA. Bullish trend continues with a lower high forming. However, prices continue to seek some sort of support at 48.72 with the previous candle forming a long shadow, just touching Fibonacci Expansion 141.4% at 47.72 before going back up towards 48.
Focusing on H1 chart, candles found support at 48.72. With the trading week coming to an end, profit taking may occur and the current bearish trend may retrace. Should candles continue to find support at 48.72, it is highly possible that prices may retrace towards 50.
Broker of the month
Trend Direction | S3 | S2 | S1 | R1 | R2 | ||||
| Bullish | 46.70 | 47.72 | 48.73 | 50.00 | 52.10 |