Mar 27 2018

Crude Oil (NYMEX) – Double Top Formation

Crude Oil (NYMEX):- A “Double Top Pattern” is visible on a daily chart of crude oil(NYMEX), 1st top was formed at $66.62 on 25 Jan 2018 and the 2nd Top was marked yesterday at $66.51 with a single candlestick reversal candle “Spinning Top”. Slow Stochastic had given a bearish crossover in overbought zone, an indication of price reversal. A bearish divergence is also seen at 14-Day Relative Strength index, the peaks of RSI are forming lower highs while in price action the tops are almost at the same level. Immediate support is at $64.20 mark – which is likely to meet very soon, after breaching that zone the next bottom seems at around $62.90 and the 3rd bottom range is looking at around $60.50.