{"id":22762,"date":"2010-01-20T07:08:44","date_gmt":"2010-01-20T11:08:44","guid":{"rendered":"http:\/\/www.forexyard.com\/blog\/en\/?p=7764"},"modified":"2010-01-20T07:08:44","modified_gmt":"2010-01-20T11:08:44","slug":"will-crude-oil-see-a-bullish-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/20\/will-crude-oil-see-a-bullish-correction\/","title":{"rendered":"Will Crude Oil See a Bullish Correction?"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/6.jpg\" width=\"120\"  alt=\"printprofile\" \/><\/p>\n<p>Crude Oil dropped over $6 lately, and reached as low $77.02 a barrel. Just when it seemed that Crude oil is about to drop further, possibly towards the $70 level, the bearish move was halted. Will crude continue to drop, or is a bullish correction impending?<\/p>\n<p><span id=\"more-7764\"><\/span>\u2022 The chart below is the Crude Oil 1-day chart by ForexYard.<br \/>\n\u2022 The technical indicators used are the Bollinger Bands, the Slow Stochastic, the MACD\/OsMA and the Relative Strength Index (RSI). The Fibonacci Retracement lines were used as well.<br \/>\n\u2022 There is a very distinct doji candle on the chart, which indicates the lowest price crude oil reached recently.<br \/>\n\u2022 Such a doji usually indicates that a correction is on it way.<br \/>\n\u2022 The Slow Stochastic provides a bullish cross, also indicating that the momentum is now bullish.<br \/>\n\u2022 The next resistant level is placed at the $79.50 level. If this level will be breached, a sharp upward move could take place, with potential to reach the $84.00 level.<br \/>\n\u2022 HOWEVER, if the bullish move will fail to reach the resistance level, it could drop all the way down to the 61.8% line, which is located at the $76.70 level.<\/p>\n<p><strong>Crude Oil 1-Day Chart<\/strong><br \/>\n<img decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/01\/Crude-Oil.bmp\" alt=\"Crude Oil\" class=\"alignnone size-full wp-image-7766\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Crude Oil dropped over $6 lately, and reached as low $77.02 a barrel. Just when it seemed that Crude oil is about to drop further, possibly towards the $70 level, the bearish move was halted. Will crude continue to drop, or is a bullish correction imp&#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-22762","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22762","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=22762"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22762\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=22762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=22762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=22762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}