December 20, 2011

CRUDE OIL Analysis

  • Crude oil Fib levels shows price taking support at 38.2% and is moving up towards the broken 23.6% levels which may act as resistance.
  • Moving averages shows a similar picture price was not able to sustain below 200 Day SMA and is moving towards the broken 50 Day SMA which may act as resistance.
  • Candlesticks shows a possible Bullish engulfing pattern.
  • So short term crude oil may move up. Bigger up move once price move above 50 Day SMA and 23.6% Fib level.

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