Dec 05 2018

Black Gold seems to revive

Since 10 March 2018 crude oil prices falling from $76.87 to $50 per Barrel. At this point of time we can see some strong indication which shows prices of Black gold will rise. Initially levels could touch 60 Mark and then next level would be 65. In this chart, a beautiful reaction can be seen by crude oil after Death crossover (50 EMA over lapped 200 MVA from upside to down) which took oil prices down till 50 and after this crossover price is likely to move upward to retest 200 MVA again.

As we all know, MACD is a very strong indicator. Here we can see bullish crossover signal which is a clear indication or can say supporting Black Gold prices to rise.

In last couple of days RSI was at below 30 which is a oversold territory is moving upward. Now RSI is at 39 and able to cross 30 level, still moving upside .

Forecast – We Expect Black Gold prices to touch 60 and the next target will be 65. If price touches 49 then it will negate the view.