Crude bullish continuation has been dampened buy a strong dollar caused buy global interest rates hovering at or around zero. As the dollar contracts, crude as multiple monthly highs within striking distance.
Monthly - in 2016 we dropped below the 2009 lows but then bounced and help above those levels. 44.60 feels like key level since 2017
Weekly: In trading ranggebetween 50.60 to 64.78. Near range 53.26 -60.60
Daily in a uptrend. Need to trade and sustain above 56.87 to continue uptrend. Uptrend violated if falls below 54.06?
30 min: Market in orange is what should...
Crude has been moving sideways for the better part of the day and now looks poised for a down swing.
The trade setup provides an excellent risk-reward ratio. Entry on break....still awaited.
All the best!
CrudeOil Analysis based on trend analysis.
Trend
After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.
Analysis
On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But if...
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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