Aug 14 2018

Black gold (Crude Oil) seems to rise in technical path

Crude Oil (NYMEX) :- At present the Oil is trading in an upward sloping trend channel and it had already found its support level at around $66.15, we assume that crude will go higher to test back its trend channel resistance( $74.88 to 77.00). In MACD, We can see the volume of seller is losing momentum and a bullish crossover is about to happen. On the same page both lines (MACD & signal) are below 0 line. RSI is moving upward with a neutral to positive stance. ADX is not supporting to the strength of bears, as the indicator is at 13 and below 25 mark it stops giving strength to the current trend. On the fundamental side, If we talk about crude inventory which is going to release on 15/8, the forecast is -2.667 which is lesser as compare to the previous(-1.351) released data, if this happens this precious black gold will have the specific reason to rise. Any close below the trend channel support will negate the above view.