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Oil Technical Analysis – October-12-2023

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In the world of commodities, Crude Oil holds a significant place. Our detailed Crude Oil Analysis aims to provide insights into the recent market trends and future predictions.

Crude Oil Technical Analysis

FxNews – Recently, Crude Oil experienced a rise from the $80 mark, a significant movement within the Ichimoku cloud. It is currently testing the previously broken support 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. This is further corroborated by the Relative Strength Index (RSI), which is hovering below the 50 line in the Crude Oil daily chart.

Oil Technical Analysis - October-12-2023

Crude Oil Analysis – Daily Chart

The bearish bias of Crude Oil becomes more evident when we delve into the 4-hour chart. Here, the ‘black gold’ is trading 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 first the $80 support and then potentially dropping to 77.86.

crude oil analysis

Crude Oil Analysis

However, every market analysis must consider alternate scenarios. If the oil price closes above the bearish channel in the 4-hour chart, it would signal an end to the short-term bearish scenario. In such a case, bulls could drive up the price to test the daily resistance around $88 in upcoming sessions.

Our Crude Oil Analysis is not just about understanding current trends but also about anticipating future movements. Stay tuned for more updates and insights into the dynamic world of Crude Oil trading.

  • 12 October 2023
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