FX.co ★ Fxcaptain | CL/Crude Oil

T E C H N I C A L _ A N A L Y S I S C L / CRUDE OIL Hi traders. So today we're going to share a good analysis of Crude oil so you can benefit from it as well. Currently, the market price of Crude oil is running at the 61.90 area. The chart is not complete yet. However, we can recognize a downward trend right now. There are more selling chances on this chart. The Relative Strength Index (RSI) is at 36.7954 which is in the bearish territory and shows a bearish momentum. Currently, the sellers are looking stable in this chart. Furthermore, the Moving average convergence divergence (MACD) indicator is pointing to a downward trend in the chart. Additionally, the price of Crude oil has not crossed the 50-EMA line, which means that the bearish trend is powerful at present, so we can focus on taking short trade. The crucial resistance level for Crude oil is 94.47. If the market price breaks the 94.47 resistance level, it could go higher, as I have marked on the chart.

However, if the price zone at 110.77 is successfully broken out, then Crude oil will potentially continue its bullish movement toward the resistance sector at 130.64. On the other hand, the crucial support level for Crude oil is 55.92. If the market price goes down from here and crosses the 55.92 support level, the market price could be lower, and the market could go down, as I marked on the chart. However, if the price zone at 47.57 is successfully broken out, then Crude oil will potentially continue its bearish movement toward the support sector at 34.86. The larger time frame usually predicts the right signals about the forex market. Hence, I expect that the market price of Crude oil will cross the 55.92 zone this week. It also can create a continuation pattern later. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: