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 Good Morning, I hope that all of my coworkers are enjoying their lives . I hope you are ready to trade again. Now let's start the analysis by using the EMA and this timeframe. Currently, the market price of Crude oil is trading above the support level of 64.01 . Crude oil may decline further due to the strengthening of the US dollar at this time. According to this timeframe, we can see that the price seems to be moving in a downward direction. The Relative Strength Index (RSI) is slowly declining over the midline, supporting the downtrend that has been going on . At the same time, the Moving average convergence divergence (MACD) indicator suggests that the current trend should continue . T he moving average indicator turned downward to form resistance . The very first resistance level for Crude oil is 76.43. If the price manages to break above the initial resistance level of Crude oil which is located at the level of 76.43, then the possibility of a rise will increase.

In my opinion, if the price fails to decline further, it will continue to rise toward the level of $78.66 which is the 2nd level of resistance. In the absence of any more price declines, I predict that the price will continue to rise until it reaches 80.69 which is the 3rd level of resistance. On the other hand, the very first support level for Crude oil is 64.01. If the price manages to break below the initial support level of Crude oil which is located at the level of 64.01, then the possibility of a decline will increase. In my opinion, if the price fails to rise further, it will continue to decline toward the level of $61.63 which is the 2nd level of support. However, the support of 58.76 is strong enough. In the absence of any more price rises, I predict that the price will continue to decline until it reaches 58.76 which is the 3rd level of support. It will be a great opportunity for the sellers my friends this is a great opportunity don't miss this chance. 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: