Sep 12 2018

Crude Oil (NYMEX) – Bounced back from uptrend channel support

Crude Oil (NYMEX):- The Oil is framing a bullish picture on the daily frequency technical chart. Yesterday (11 September, 2018) the Crude has formed a strong bullish candle (Marubuzo) at the bottom of upward sloping trend channel, followed by higher highs and higher lows. The black gold is trading in between the range of uptrend channel since 15 November 2017 to present. In the recent past on 15 Aug 2018, the Oil had already given a break of trend channel support at $66 mark, but the breakout was not sustainable or we can say a false breakout was happened on that day, 200 day Simple Moving average has helped the price action to again climb back in channel range. Momentum indicators like Relative strength Index (RSI) 14 period and Moving average convergence divergence (MACD), both are in neutral to positive range. According to studies, expecting a rally at least towards $73 to $75. Any close below the trend channel or 200 day simple moving average can negate the above view.