{"id":11762,"date":"2010-08-05T09:20:27","date_gmt":"2010-08-05T13:20:27","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11762"},"modified":"2010-08-05T09:20:27","modified_gmt":"2010-08-05T13:20:27","slug":"crude-oil-fails-to-breach-the-83-level-and-might-face-a-technical-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/08\/05\/crude-oil-fails-to-breach-the-83-level-and-might-face-a-technical-correction\/","title":{"rendered":"Crude Oil Fails to Breach the $83 Level and Might Face a Technical Correction"},"content":{"rendered":"<p><strong>By Yan Petters<\/strong> &#8211; Crude oil recently saw a sharp bullish movement that was initiated on  July 30th. A barrel of crude oil gained close to $7 in less than a  week, taking the commodity as high as the $82.90 level. However, after  several failed attempts to breach through the $83.00 level, crude oil  seems to be trading within a narrow range, and might even face a  technical correction today.<\/p>\n<p>\u2022 The chart below is the crude oil 4-hour chart.<br \/>\n\u2022 The technical indicators used are the <a href=\"http:\/\/www.forexyard.com\/en\/bollinger-bands\">Bollinger Bands<\/a>, <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Slow Stochastic<\/a>, <a href=\"http:\/\/www.forexyard.com\/en\/moving-average-convergence-divergence-macd\">MACD<\/a> and <a href=\"http:\/\/www.forexyard.com\/en\/moving-average-convergence-divergence-macd\">Relative Strength Index<\/a> (RSI).<br \/>\n\u2022 The bullish channel that took place until August 3rd seems to have reached its peak at $82.90.<br \/>\n\u2022 For the last couple of days, crude oil saw modest fluctuations, without showing a clear trend.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Slow Stochastic<\/a> provides a series of bearish crosses at the moment, stating that the bullish trend is losing momentum.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/moving-average-convergence-divergence-macd\">MACD<\/a> has completed a bearish cross for the first time in almost 2 weeks, suggesting that a bearish correction might take place soon.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/moving-average-convergence-divergence-macd\">RSI<\/a> has declined below the over-bought zone and continues to point down, further indicating that a bearish move could be imminent.<br \/>\n\u2022 Crude oil\u2019s two significant support levels appear to be at the $81.55 and the $81.00 levels.<br \/>\n\u2022 The next significant resistance levels seem to be located at the $82.60 and the $83.00 levels.<br \/>\n\u2022 Once crude oil will breach both of the levels (either support or  resistance), it will be a strong indication for the beginning of a  long-lasting trend.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/08\/Crude-Oil.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/08\/Crude-Oil.bmp\" alt=\"\" width=\"595\" height=\"544\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by<span style=\"text-decoration: underline;\"> <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/span><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                         may not be suitable for all       investors.       There    is  a              possibility      that           you   could       sustain a  loss   of  all   of    your               investment and            therefore  you        should   not     invest        money  that   you            cannot afford to          lose. You         should    be      aware of     all       the    risks        associated     with     Foreign       Exchange        trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Yan Petters &#8211; Crude oil recently saw a sharp bullish movement that was initiated on July 30th. A barrel of crude oil gained close to $7 in less than a week, taking the commodity as high as the $82.90 level. However, after several failed attempts to breach through the $83.00 level, crude oil seems &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/08\/05\/crude-oil-fails-to-breach-the-83-level-and-might-face-a-technical-correction\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Crude Oil Fails to Breach the $83 Level and Might Face a Technical Correction&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11762","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=11762"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11762\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=11762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=11762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=11762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}