FX.co ★ CL/Crude Oil

T E C H N I C A L _ A N A L Y S I S C L / CRUDE OIL Hello. How was your last trading day? I hope it will be good. Today I have decided to share a technical analysis of Crude oil . Let's determine the direction of the Crude oil price. Crude oil is trading at 66.19 at the time of writing. At this time, Crude oil is indicating strength in this chart. Crude oil appears to be in a solid bullish form. If you look at this time frame, you can easily see that there is a bullish trend in Crude oil . The RSI indicator is showing strong positive readings, which indicates that the price could rise. The Relative Strength Index (RSI) is at 56. At the same time, from a technical perspective, the moving average convergence divergence (MACD) keeps its head firmly up, which indicates that buyers are looking dominant. Technically, the buyers look a little stable right now. The Moving averages also show a bullish signal.

Crude oil is trading just above the 20-day exponential moving average. At the same time, the 50-day exponential moving average is also below the current Crude oil price which shows a bullish signal. The overall market condition is in favor of buyers right now. The immediate resistance level for Crude oil is 74.96. If Crude oil breaks the upper 74.96 resistance, which is the 1st level of resistance then Crude oil could see further strength through 80.63 (second level of resistance) and then 85.60 (third level of resistance). But if Crude oil breaks the support below 61.96 (initial level of support) then Crude oil may weaken again and fall below 56.68 (2nd level of support) then 53.44 (3rd level of support). Goodbye, and I'll see you in my next live trading discussion update. Have a successful day! 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: