April 26, 2016

Crude oil chart analysis

  • Crude oil 4 hour chart show s price moving in a range between 42 and 44. Bigger moves only when this range gets resolved.
  • Weekly chart shows resistance at 50% fib level Once and if crude bulls passes this level the Golden ratio at 48 is likely to get tested.
  • Immediate support at 4 hour cloud. Rising cloud must be broken for a possible down swing to start.