{"id":16547,"date":"2010-12-09T07:55:44","date_gmt":"2010-12-09T12:55:44","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=16547"},"modified":"2010-12-09T07:55:44","modified_gmt":"2010-12-09T12:55:44","slug":"crude-oil-bouncing-off-50-retracement-line-at-90","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/12\/09\/crude-oil-bouncing-off-50-retracement-line-at-90\/","title":{"rendered":"Crude Oil Bouncing Off 50% Retracement Line at $90"},"content":{"rendered":"<p><strong>By Greg Holden<\/strong> &#8211; The price of <a href=\"http:\/\/www.forexyard.com\/landsys\/oil\/en\/\">Crude Oil<\/a> has been receiving support from the winter season in the northern  hemisphere lately, but we are beginning to see technical indicators  which suggest downward pressure.<\/p>\n<p>The most recent jump in value was towards $90 a barrel. As winter snow storms pound the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/12\/08\/oil-prices-lifted-from-severe-cold-in-us-northeast\/\">American northeast<\/a>, and recently arrive in Western Europe as well, heating fuel costs move upward for a cyclical, annual upturn.<\/p>\n<p>As we can see on the charts below, <a href=\"http:\/\/www.forexyard.com\/landsys\/oil\/en\/\">Crude Oil<\/a> prices have indeed been moving upward cyclically, but also generally.<\/p>\n<p>Retracing the price\u2019s movement for the past few years allows us to  see that the price has in fact reached the 50% retracement level on the  weekly chart and should meet some serious resistance at the $90 level.<\/p>\n<p>The RSI on the weekly chart shows the price just inside the  over-bought region, which suggests that downward pressure is mounting.<\/p>\n<p>We can also see that the most recent candlestick is a doji formation, which supports the bearish notion.<\/p>\n<p><strong><a href=\"http:\/\/www.forexyard.com\/landsys\/oil\/en\/\">Crude Oil \u2013 Weekly Chart<\/a><\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/Crude-Oil-Weekly-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/12\/Crude-Oil-Weekly-Chart.JPG\" alt=\"\" width=\"590\" height=\"742\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><span style=\"text-decoration: underline;\">Forex Market Analysis provided by ForexYard.<\/span><\/a><\/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>The price of Crude Oil has been receiving support from the winter season in the northern hemisphere lately, but we are beginning to see technical indicators which suggest downward pressure. The most recent jump in &#8230;<\/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-16547","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16547","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=16547"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16547\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}