Technical Analysis of Crude Oil for April 29, 2016
Technical outlook and chart setups:
Crude oil is seen to be trading higher at 46.20 levels (spot) for now, looking to push higher towards 49.00 levels at least. Looking at the wave structure, a corrective rally is under way from 26.00 levels, and is expected to push through 50.00 levels at least before resuming its down trend. Please note that the commodity is well supported by a trend line as depicted here. Bulls are expected to remain in control till prices remain on the north side of the same trend line. Also note that prices have bounced off the fibonacci 0.382 support levels as seen here. It is hence recommended to remain long for now, with risk at 43.00 levels. Immediate support is seen at 43.00 levels, while resistance is seen at 49.00 levels respectively.
Remain long, stop at 43.00 levels, target is open.
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