4-hour time frame
Analysis:
Crude oil analysis for October 25 shows that oil prices keep on becoming more expensive. The price is now over trend line 4. It points at stable prospects of an upside movement. The first target of an upward movement is 95.54, as yesterday the preceding resistance level of 89.84 was broken. In case this price level is hit, buying will be targeted at USD 98.86 for a barrel. Even the current trend line 4 was dragged through a new local low which contributed to its decline. At present it is strong support for bulls. Bearish trading is not actual so far. This trading can only be resumed if the price consolidates below the current trend line. Awesome Oscillator demonstrates the current upside movement, since the last bar is green, so it is now recommended to open long positions and support those opened earlier. If this indicator paints the closed bar red, it will be a signal to close orders to buy, as it will mean that the correction started.
Trading recommendations:
At present it is suggested to buy oil with target 95.54. If this level is hit, traders are recommended to continue buying with target 98.86. Closing long positions is recommended at Awesome Oscillator’s reverse downwards. Bearish trading is not actual now.
Apart from the technical data, fundamental data and the time of their release are also to be taken into account.
Annotation to the pictures:
Awesome Oscillator – red and green bars in the indicator's window.
Trend lines –blue lines.
Support and resistance levels – red horizontal lines.
