AvaTrade - Analytics

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    Crude Oil- Losing its upward mojo

    Crude oil has broken its upward trend line on a 4 hour time frame. The has formed a triple top and touched its resistance zone, which is mentioned below, three times. If this pattern does break towards the downside, we could see the price moving sharply lower and breaking its support zone (shown below).

    Although, the price has broken its 50 day moving average which shows that bulls are losing their control but it is still trading above the 100 day moving average which is shown in red colour. If the price breaks this moving average and stays below both moving averages, it will confirm that the uptrend is no longer in play and the bears are in strong control of the price.

    The price is also trading inline with the RSI and the MACD indicators and they are confirming that the downward momentum is picking up.Screen Shot 2015-05-19 at 09.48.29

     

     


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