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, Greetings to all forum communities. Welcome to my latest post analysis. The research indicates that the Crude oil pair fluctuates at 66.74 . As we can see, the strength of the US Dollar Index is again in the control of the bullish exponent and is trading above the 98.00 resistance level. According to technical indicators, the pair may rise to 86.05. However, the price could fall today as well. We have to watch the Crude oil charts at the beginning of the European session . The Relative Strength Index (RSI) is at 50 and the indicator tells us that the market is in a downtrend but will move upwards in the next few days. At the same time, the moving average convergence divergence (MACD) indicator is moving at -1.322 and displaying a high volume bar. We can see that Crude oil stays below the 20 periods of the exponential moving average and the 50 periods of the exponential moving average which shows a bearish signal.

Here we can see there are minor support and resistance areas that we can use to make entries. The market rise would hit the resistance target at 70.00 which is the primary resistance level. If you buy, we can target the price range at 75.00 for the second target, and the third target at the price range of 80.00. On the other hand, the primary support level for Crude oil is 62.30. If it sells later, we can target the price at 57.49 which is the 2nd level of support. After that, we can assume that the price will make another attempt to advance towards the third resistance level at 52.13 and possibly test it. So, from a technical point of view, the best way to profit is to open short positions along the trend. 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: