My analysis is basically about the Fibonacci trading system, and this is on the daily chart for better trading analysis and precisions.
Looking at the chart above, the plot of the Fibonacci at the high of Oct. 9, 2015 at 50.89, and that of the low of Jan. 20, 2016 at 29.72 indicates that the market is on the bullish trend after a successful break of 33.01, 36.45 and 39.17 of 23.6%, 38.2% and 50% Fibonacci lines respectively to the upside.

In this light, it is certain that the market will gather more momentum to continue its bullish trend; since it has tested the Fibonacci line of 61.8% at 41.96, and retraced a bit to retest 50% Fibonacci line at 39.17, but failed. The crude oil is gathering some bullish momentum which is confirmed by the bullish candlesticks pattern on the daily chart and the previous day pin bar pattern at the moment. With this analysis, the crude will will retest 41.96 at least, and if broken, it will climb higher in the nearest future.
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