Trade Oil Futures: Bullish Effect Of Harmonic Structure Will Continue. 25 Novembre 2015.

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Oil stabilized above SMA20 and SMA50, supported by the bullish harmonic along with the positivity on ADX.

Trade Oil Futures: Bullish Effect Of Harmonic Structure Will Continue. 25 Novembre 2015.

In the interim, RSI moves above 50.00; therefore, we believe that, the bullish effect of the harmonic structure will continue, targeting 45.35 later after 44.40 where 50% and 61.8% Fibonacci exist.

On the downside, coming below 41.40 will weaken bullish chances and preferable 42.30.

Support: 42.30 – 41.40 – 40.40

Resistance: 42.80 – 43.45 – 44.40

Direction: Bullish.