FX.co ★ Ichimoku cloud indicator analysis on Oil for September 25th, 2023.

Oil price is under pressure at the start of the week. Oil is trading around $90 and in the 4 hour chart price has entered the Kumo changing trend to neutral from bullish. Price is now trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has crossed below the kijun-sen (bearish). The Chikou span (black line indicator) has crossed below the candlestick pattern (bearish). If the current weakness in price is followed by a break below the cloud, then we will have a trend change in the near term. As we explained in previous posts, Oil price has most probably completed its upward move and a pull back is justified from current levels. Bulls should be cautious as Oil price is vulnerable to a bigger pull back.