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Crude Oil Stabilizes Above 44.45

Published 04/27/2016, 06:39 AM
Updated 07/09/2023, 06:31 AM
CL
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Crude oil prices managed to rise and stabilize above 44.40-44.45. The trading above this level is considered positive according to Fibo trading rules, as this level represents 127.2%.

Oil Chart

The stability above this level increases the chances of seeing further rise to the next level of 161.8%, located at 46.90. Despite the sideways movements of the RSI, it still hovers above the 50 line. We favor further bullishness as the moving averages support the extension of the upside direction, but the stability above 43.40 is needed.

  • Support: 44.40-43.70-43.40
  • Resistance: 45.00-45.80-46.90

Direction: Upside

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