Crude oil prices rose significantly in the last few hours and peaked at $88.19 a barrel. And now, there appears to be a recent bearish cross on the 2-hour chart’s Stochastic (slow), highlighting significant downward momentum building on this commodity’s price. In addition, the Williams Percent Range has the price floating in the over-bought region, suggesting that more pressure is on the way. Forex traders may want to take this opportunity to catch the downward correction on crude oil, which appears to be imminent.
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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.
