Crude Oil - Bulls Come Roaring Back

Crude Oil - Bulls Come Roaring Back

Namita Khurana
17 May 2019 06:30 PM
From the daily chart, the bullishness of the oil prices is clearly evident. In the long term, we can notice the prices remained bullish since Dec 26. Since then, we could see the bulls overpowering the bears till Apr 24. After that, we saw the bears getting active or we can say it was a correction of the upside rally. However, the prices took a support at 60.02-mark or according to the chart, we can say that the prices came down to retest the 200-day Simple Moving Average, which also acted as a support earlier. At present, we can see the prices to move higher after taking support at the 200-day SMA which also indicates that there would be more bullishness in the price action as prices are trading above this moving average.