Crude Oil has been bullish for the reason that center of final month. It made a reversal above the $50 degree, which reveals that the assist space
Crude Oil has been bullish for the reason that center of final month. It made a reversal above the $50 degree, which reveals that the assist space above that degree continues to stay robust. The worth moved above transferring averages, which become assist, particularly the 50 SMA (yellow).
Yesterday, US WTI crude Oil broke above $58 for a second, however the worth fashioned a doji candlestick slightly below that degree, which is a reversing sign. The sign labored nicely, as the value reversed after that and crude Oil turned fairly bearish, dropping greater than $2 since then.
The worth broke beneath the 50 SM (yellow) and the 100 SMA (inexperienced), though the 100 SMA was damaged on the finish of October and the value fell as far beneath it as it’s now, solely to reverse once more and resume the bullish development. So, there’s an opportunity that we would see one other bullish reversal from right here.
If not, then the 200 SMA (purple) would be the goal, which comes at $55. If we hear constructive feedback on the US-China commerce deal when the value will get down there, then we is perhaps persuaded to go lengthy on US crude Oil. So, observe us for reside alerts on crude Oil.