Crude Oil Weekly Analysis 26 April 2017

hightrade
Comments Off on Crude Oil Weekly Analysis 26 April 2017

CHARTING

The crucial points are:

1

Crude oil continued to fall in the last days, as a result of breaking lower than 50.00 level of support and meeting a new support at 49.00 level. One reason for this negative behaviour is the speculation that the US is continuing to increase its crude oil inventories, as the global fuel supply, sets a new record, despite the attempt of OPEC countries and Russia to lower their daily Crude production by 1.800.000 barrels. Furthermore, the API weekly crude oil stock showed an increase to 897.000 barrels, where previous readings were -840.000 barrels and with expectation at -1.300.000 barrels.

Charting outcome: Neutral

INDICATORS (computerized T.A)

The crucial points are:

2

3

The indicators are signaling that a downtrend has occurred, which is possible to become weaker. The moving averages slopes have added bearishness, while the balance between the negative and the positive dynamic has negatively changed. The trend dynamic has fallen by -22.35%, whilst the market’s volatility has marginally fallen by -1.27%. Finally, the oscillators have passed into oversold levels.

Indicators outcome: Marginally bearish – Neutral          

CONCLUSION

Indicators and charting are in favor of the neutral outlook. However, indicators are indicating the marginally bearish outlook as well. If the price breaks lower than 49.00 level of support, the next support could reach the 48.00 level. On the contrary, if the price reaches and appreciates higher than 50.00 level, the next resistance is possible to occur at 51.00 level.

%d bloggers like this: