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 Today I want to share a new analysis . Overall, the market price of Crude oil is floating in the 71.18 area . The US dollar index aims to surpass the immediate resistance at 107.50 . Look what I told you about Crude oil analysis. I advised you that Crude oil prices would fall towards the 64.06 level, and it did the same. Technical indicators suggest a potential negative swing for the Crude oil pair. The Relative Strength Index (RSI) is seen lurking beneath the negative territory, keeping bears hopeful . On the graph, the moving average convergence divergence (MACD) indicator has crossed over to the bear signals. So the moving average convergence divergence (MACD) indicator has also shown a bearish signal in the chart. The 20-day and 50-day exponential moving averages (EMA) have completed a death cross, but this hasn't yet resulted in a downward rise, therefore price activity has been sideways .

At this moment, the market price has reached the strong resistance zone of 86.49 . If it breaks the 86.49 level of resistance, Crude oil will move towards the 112.07 level again which is the 2nd level of resistance. If resistance remains unbroken, Crude oil will hit the 26.36 level of support soon which is the 3rd level of support. On the other hand, the Initial support level for Crude oil is 64.06. If it breaks the 64.06 level of support, Crude oil will move towards the 43.86 level again which is the 2nd level of support. If support remains unbroken, Crude oil will hit the 147.07 level of resistance soon which is the 3rd level of resistance. My previous analysis proved to be absolutely correct. I feel proud when people come to give me thanks. 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: