27/02/15 Light Crude Oil prices rebounds after finding resistance at 55 EMA


CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO

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.

 

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO

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.

 

Trend Direction
 S3
S2
S1
R1
R2
 
Bullish46.7047.7248.7350.0052.10

 

 

    Share Your Opinion, Write a Comment