Crude Oil starts bullish trend at the start of 2016. We saw continuously always crude break the latest high and create new high. Crude start bounce from 27.85 in January 2016 and create new high 51.65 in june 2016.According Elliot wave theory Crude already complete wave3 and currently its moves in wave 4 which also completes 50% Fibonacci retracement level for further retracement we will see crude oil at 61.8% retracement level which is 41.57. According to our analysis 61.8% retracement level is good buying area.
EMA 144 also crosses SMA 200 in upside which indicates further bullish movement in few days.
Support and Resistance level:-
Resistance1= 46.11
Resistance2=46.73
Resistance3= 51.65
Resistance2=46.73
Resistance3= 51.65
Support1= 44.78
Support2= 43.00
Support3= 41.57
Support2= 43.00
Support3= 41.57
Trend Bias:- Bullish
Candlestick Pattern:- Bullish Hammer
Candlestick Pattern:- Bullish Hammer
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For Free Forex Training in Kuwait please contact me on ashokg@ezinvest.com or +965 69910515
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