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Crude oil heating up

From the high of 6549 MCX crude oil formed an impulse, which was followed by a 61.8% retracement. From the key Fibonacci level oil has formed another impulse on the downside and is forming another retracement. It has crossed its key daily moving averages (DMAs) on the way up, which will now act as key supports viz the 20 DMA (6047) – 40-daily exponential moving average (DEMA; 6088). On the other hand, the junction of the 61.8% retracement mark, falling trend line and the daily upper Bollinger Band ie 6195 will be the key level to watch out for. If the bulls manage to cross the level of 6195 on a closing basis, then the oil will be poised for a larger upside.

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