Crude Oil Weekly Analysis 08 March 2017

hightrade
Comments Off on Crude Oil Weekly Analysis 08 March 2017

CHARTING

The crucial points are:

1

The price of crude oil was fluctuated within a tight range in the previous sessions. It seems that the price is holding the 52.75 level of support, but without any sign if it’s going to reach higher. Moreover, the bulls are showing weakness, evident by a large upward spikes in yesterday’s sessions.

Charting outcome: Neutral 

INDICATORS (computerized T.A)

The crucial points are:

2

3

The indicators are not providing a clear message about which direction the trend could possibly follow. The moving averages have kept the same slopes, while both the negative and the positive dynamic have marginally fallen. The trend dynamic has fallen by -10.25%, whilst the market’s volatility has marginally fallen by -1.67%. Finally, the oscillators have remained in marginally oversold levels.

Indicators outcosme: Neutral – Marginally bearish       

CONCLUSION

Both indicators and charting seem to confirm the neutral market scenario. However, indicators are providing arguments about the marginally bearish scenario as well. If the price breaks lower than 52.70 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: