Crude Oil Expected to go Bearish Today
October 23rd, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
Email:
Crude oil prices rose significantly in the last week and peaked at $81.27 for per barrel. However, However, I will illustrate below that the crude oil may very well be heading for a reversal. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic indicates a fresh bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 2: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
Crude Oil Daily Chart
Start trading with Anton Eljwizat now:
Tags: commodity prices, Crude Oil, crude prices, Forex, forex blog, MACD, oil prices, oil today, RSI, Slow Stochastic, Technical Analysis
