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Crude Oil Visual Trading Update
Price and Indicators Technical Overview:
After the great drop in CRUDE OIL, it held near the great support of 70. The rebound, like in the AUDUSD and many other risky assets was also violent and reached very quickly the 1/3 corrective level. Violence is the name of the game these days and it is caused by two main factors: Fear and Leverage.
Short covering is also a great mover. Look at the weekly chart: only a return over the 78-80 area will tell us that the uptrend has resumed. Otherwise, it was only a test from below of the weekly rising channel.
Charts Legend:
3 Price Windows: Main (Daily), Right Side (Up: 4 Hours, Down: Weekly)
INDICATORS:
Simple Moving Average (20): Green
Average of Average (9 weighted): Violet
Price Channel (20): Orange
Volume: Black
Daily separations: Black Dots
Support & Resistance price areas: Light Blue Areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers
RSI (10): Blue, ADX(20): Blue
Analysis written by Futurespros.com
By no means do any part of this analysis recommends, advocates or urges the buying, selling or holding of any financial instrument whatsoever. Futures trading and Investing involves high levels of risk. The author and his company express personal opinions and will not assume any responsibility whatsoever for the actions of the reader.
Price and Indicators Technical Overview:
After the great drop in CRUDE OIL, it held near the great support of 70. The rebound, like in the AUDUSD and many other risky assets was also violent and reached very quickly the 1/3 corrective level. Violence is the name of the game these days and it is caused by two main factors: Fear and Leverage.
Short covering is also a great mover. Look at the weekly chart: only a return over the 78-80 area will tell us that the uptrend has resumed. Otherwise, it was only a test from below of the weekly rising channel.
Charts Legend:
3 Price Windows: Main (Daily), Right Side (Up: 4 Hours, Down: Weekly)
INDICATORS:
Simple Moving Average (20): Green
Average of Average (9 weighted): Violet
Price Channel (20): Orange
Volume: Black
Daily separations: Black Dots
Support & Resistance price areas: Light Blue Areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers
RSI (10): Blue, ADX(20): Blue
Analysis written by Futurespros.com
By no means do any part of this analysis recommends, advocates or urges the buying, selling or holding of any financial instrument whatsoever. Futures trading and Investing involves high levels of risk. The author and his company express personal opinions and will not assume any responsibility whatsoever for the actions of the reader.
