FX.co ★ CL/Crude Oil

Crude Oil 15-Minutes Analysis: Let's examine how the price of the crude oil has changed. The price has now broken through the $73.62 horizontal barrier. The market began at 72.69 after the negative scenario failed. In the present case, an analysis was conducted and implemented according to the new Elliott wave arrangement. Pulse wave 3 is accelerating. Technical analysis already shows favourable clues. As a result, the histogram broke above the zero level and moved into the positive region, and the stochastic oscillator lines leapt into the overbought zone. The extended expansion grid describes how the price will move and at what levels. These are FIB 100.0 and 161.8, corresponding to levels 78.02 and 80.52. There is a fundamental bearish trend in the crude oil market. On the daily chart, prices are trading close below the 1.0530 pivot point, now at 1.0386. The Stochastic Oscillator lines intersect and point down. That also checks if the price is moving below the centre line of the Bollinger Band indicator. The wider timeframe also signals a selling tendency. The projected negative levels are the initial level of 72.48 and the second level of 70.07. Assume a 4 - hour CL period. The price is near the 85.11 resistance - level on the chart, indicating an attempt to alter the overall trend direction and the strength of the bull - market. There are currently various principles and reinforcements that support the bear market. According to MACD and EMA 13 and 5 indicators, we have corrective signs.