FX:USOIL   CFDs on Crude Oil (WTI)
166 0 10
Crude's bounce from 100-day SMA failed to clear the $43.50-60 horizontal support-turned-resistance and is now indicating a quick test to 38.2% Fibonacci Retracement of its June 2015 – January 2016 downside, near $40.80, which if broken can further drag the energy prices to $39.00 and the short-term ascending trend-channel support of $37.50. Should the Crude price failed to hold its decline at $37.50, it can re-test the 100-day SMA support of $36.25 prior to aiming the $35.30 mark. On the upside, a clear break above $43.60 can trigger the prices rally to $44.80, comprising 50% Fibo, clearing which the channel resistance level of $46.50 is an important number for the crude traders to watch. Given the price break above $46.50, chances of its north-run to aim for $49.00, including 61.8% Fibo, can't be denied.

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