By Anton Eljwizat – Crude Oil reached a 25-month high for a fifth consecutive session on Thursday as strong industrial output sent demand in China to a record and a surplus subsided in top consumer the United States. However, the daily chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily chart for Crude oil by ForexYard.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The MACD indicates an impending bearish cross, signaling that the next move may be in a downward direction.
Crude Oil Daily Chart
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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