The Oil prices are once again dropping, and it is currently traded around $82 level. However, there is much technical data that supports a bullish move for today as described below. Forex traders involved with commodities like this can take advantage of this knowledge by going long on Crude Oil now, and at a great entry price!
• Below is the 8-hour chart of the Crude oil.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic shows a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The MACD indicates an impending bullish cross, which may signal a upward movement is going to occur in the near future.
• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
Crude Oil 8-Hour Chart
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
