Crude oil prices are once again dropping, and it is currently traded around $86.40 per barrel. And now, the 4-hour chart’s Slow Stochastic is giving bullish signals, indicating that crude oil prices might go up. In addition, the Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure. Forex traders can take advantage of this imminent upward movement by entering long positions at an excellent entry price.
The next resistance levels are found at the 86.70, 87.00 and 87.50 levels
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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.
