AvaTrade - Analytics

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Crude Oil – Downward wedge formed

Crude oil is trading below its downward trend line on a 4 hour time frame. The price is also trading in a downward wedge pattern and as along as the price is trading within this wedge, we expect the price to continue its downward trend. The volatility for oil has eased off as the price is trading within the Bollinger band and close enough to its 20 day moving average.

The RSI indicator which is a momentum indicator, is also trading in line with the price action. The indicator has touched its overbought zone and now it is retracing from that level.

Crude oil 11-08-2015

Important Zones

46.71-46.46 Resistance

43.55-43.29 Support



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