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 hope all friends, moderators, and members are well . I hope you are quite happy with my trading. Let's check out today's Crude oil analysis. Crude oil is trading at 74.06 at the time of writing. Crude oil 's bullish trend won't stop soon as the USD index continues the bearish trend. You know, Crude oil and the USD have an inversely proportional relationship. According to my trading experience, this chart creates a confirmed bullish scenario. The Relative Strength Index (RSI) (14) rise to around 58.4990, signaling a consolidation ahead. At the same time, the moving average convergence divergence (MACD) indicator is currently giving a signal of strength in the chart. The rising 50-period and 20 EMAs at 73.73 and 73.97 respectively, show that there is still more upside potential. The nearest resistance at 74.31 is the point at which the upward movement should aim. Prices could potentially increase considerably further.

It has the potential to go up further to test the next resistance at 90.43 which is the 2nd level of resistance. After that, it's possible that the buyers will attempt to hit the 95.76 resistance level which is the 3rd level of resistance. On the other hand, the nearest support at 72.71 is the point at which the downward movement should aim. Prices could potentially decrease considerably further. It has the potential to go down further to test the next support at 70.82 which is the 2nd level of support. After that, it's possible that the sellers will attempt to hit the 69.50 support level which is the 3rd level of support. Many of my forum friends thanked me for sharing that accurate analysis. However, it doesn't mean you can share analysis perfectly daily because we are not robots. 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: