Crude Oil Prices Set to Increase
December 15th, 2009 Posted in Technical Analysis
Name: Anton
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Crude Oil has been experiencing much bearish behavior in the last month. However, there is much technical data that supports a bullish move for today. I will illustrate below that the oil may very well be heading for a reversal, and it might have the potential of reaching towards $72 in the coming days. Forex traders involved with commodities like this can take advantage of this knowledge by going long on Crude Oil now, and at a great entry price!
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 3: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 4: The MACD indicates an impending bullish cross, which may signal a upward movement is going to occur in the near future.
Crude Oil Daily Chart
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Tags: commodity, Crude Oil, crude prices, Forex, forex blog, MACD, oil prices, RSI, Slow Stochastic, Technical Analysis
