FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
ETX Capital information and reviews
ETX Capital
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%
EUR/USD
1.1804
GBP/USD
1.3824
USD/JPY
110.2402
USD/CHF
0.9157
USD/CAD
1.2547
EUR/JPY
130.1277

Crude Oil Daily: Bullish Activity on the rise


11 May 2020

The price of Crude Oil, on the D1 time-frame, was in a lengthy downward spiral until April 21 when a lower bottom was recorded at 9.87. This extreme all-time low was too good for the bulls to ignore and they started entering the market with long positions.

After the bottom at 9.87, a possible price reversal or early stage of a new trend was confirmed when the market broke through the 15 and 34 Simple Moving Averages and the Momentum Oscillator entered into positive terrain by breaking the zero baseline.

During the upward move a Morning Star Candle pattern formed that further confirmed the change to a bullish sentiment in the Crude Oil Market.

A possible critical resistance level formed when a top was recorded on May 7 at 27.48. The bears are currently trying to push the price lower.

If the Crude Oil market breaks through the critical resistance level at 27.48, then three possible price targets may be calculated from there. Applying the Fibonacci tool to the top of the resistance level at 27.48 and dragging it to a possible support level near the 15 Simple Moving Average at 20.45, the following targets might be considered. The first target could be estimated at 31.82 (161 %). The second price target might be considered at 38.85 (261.8%) and the third and final target may be projected at 50.23 (423.6%).

If the 20.45 support level is broken, the anticipated price targets are annulled.

As long as the price continues making higher tops and bottoms, thus confirming an uptrend is in place and demand is overcoming supply, the outlook for the Crude Oil market on the Daily time-frame will remain bullish.

Written on 11/05/2020 by Theunis Kruger, FX Trainer at FXTM
#source

Related

UK economy upgraded by the IMF as rapid growth predicted

It's a remarkable feat of recession-defying odyssey that the financial markets seem to display right now. Britain, which is in the midst of what is being touted as the worst...

28 Jul 2021

The aftermaths of Tesla's earnings

Yesterday, the electric car giant Tesla (#Tesla) announced its second quarter financial report as scheduled. After Tesla reported for the first time in the last three months...

27 Jul 2021

Turmoil in China but broader market mood steady

Stocks in China and Hong Kong plummeted for a third day on Tuesday as technology, real estate and for-profit education companies found themselves in the firing...

27 Jul 2021

Taking a bullish bias as we head into mega-tech week

As we looked at last week, it's a huge week for US earnings in the five days ahead, with Tesla reporting aftermarket today, with the market implying a 6.1% move on the day...

26 Jul 2021

Budget airline Ryanair posts 273 million euro loss as Covid continues to wreak havoc

Low-cost airline Ryanair said Monday that it's still facing a challenging environment and that it might finish the fiscal year somewhere between a small loss...

26 Jul 2021

US earnings blockbuster - a massive week for markets

From the names seen so far, US quarterly earnings have come in predictably strong. However, they haven't blown the lights out, with a market trying to...

23 Jul 2021


Editors' Picks

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.