- Crude oil is trading in a bull trend but the head-and-shoulders pattern has given bulls a hard time to extend the trend.
- Crude oil retreated almost to the 70.00 figure where it is expected to find some support if reached. The market broke below the 200-period simple moving average (SMA) but the 50, 100 and 200 SMA are still bullishly configured therefore a potential return to the mean and reversal up trade can be expected in the coming sessions.
- However, the market remains predominantly bearish for the time being with the RSI, MACD and Stochastic also in negative territories further confirming the bearish momentum.
Relative change: -2.63%
Main Trend: Bullish
Resistance 1: 73.00 figure
Resistance 2: 74.00 figure
Resistance 3: 75.19 October 5 high
Resistance 4: 75.88 intraday swing high
Resistance 5: 76.00 figure
Resistance 6: 77.00 figure
Resistance 7: 77.83 November 21, 2014 high
Support 1: 72.00 figure
Support 2: 71.45 September 26 low
Support 3: 70.53 May 24 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.