Crude Oil Weekly Analysis 03 March 2017

hightrade
Comments Off on Crude Oil Weekly Analysis 03 March 2017

CHARTING

The crucial points are:

1

The price of crude fell on Wednesday’s session as a result of the Crude oil inventories report, which was higher than the previous recording, despite printing lower than expectations. However, the price met strong support at 52.50 level, and the rising trendline.

Charting outcome: Neutral- Marginally bullish  

INDICATORS (computerized T.A)

The crucial points are:

2

3

The indicators are signaling that a weak downtrend has occurred, which is possible to become weaker. The moving averages have almost kept the same slopes, while the balance between the negative and the positive dynamic has negatively changed. The trend dynamic has marginally increased by +5.37%, whilst the market’s volatility has marginally decrease by -9.48%. Finally, the oscillators have passed into marginally oversold territories.

Indicators outcome: Neutral – Marginally bearish        

CONCLUSION

Both indicators and charting seem to confirm the neutral market scenario. If the price breaks lower than 52.50 level as support, the next support could be the 51.60 level. On the contrary, if the price appreciates higher than 54.00 level, the next resistance is possible to occur at 55.00 level.

%d bloggers like this: