Crude oil holds a significant place in the world of commodities. Our detailed Crude Oil Analysis aims to provide insights into recent market trends and future predictions.
Crude Oil Analysis – Unraveling the Bearish Bias
FxNews—Recently, Crude Oil rose from the $80 mark, a significant movement within the Ichimoku cloud. It is currently testing the previously broken support for around $84. This is a critical juncture in our Crude Oil Analysis as it indicates a potential shift in market dynamics.
The bears have successfully broken out of the channel, suggesting a bearish outlook for the current market. The Relative Strength Index (RSI), hovering below 50 in the Crude Oil daily chart, further corroborates this.
The bearish bias of Crude Oil becomes more evident when we delve into the 4-hour chart. Here, the ‘black gold’ trades are below both the pivot and the bearish channel, reinforcing the bearish sentiment in our crude oil analysis. As long as the price holds below the 84.36 pivot, we anticipate a continued decline in Crude Oil, targeting the $80 support and potentially dropping to 77.86.
However, every market analysis must consider alternate scenarios. The short-term bearish scenario will end if the oil price closes above the bearish channel in the 4-hour chart. In such a case, bulls could drive up the cost to test the daily resistance around $88 in upcoming sessions.
Our Crude Oil Analysis is about understanding current trends and anticipating future movements. Stay tuned for more updates and insights into the dynamic world of Crude Oil trading.