By Anton Eljwizat
Crude Oil prices rose significantly in the last two days and peaked at $92.77 per barrel. However, daily chart’s Williams Percent Range is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. In addition, there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders may have a good opportunity today to gain from the crude oil’s impending descent by going short on this pair today.
• The next resistance levels are found at the $93, $93.20 and $93.50 levels
• The next support levels are $92.40, $92.05 and $91.75 levels.
Forex Market Analysis provided by ForexYard.
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