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Crude Oil Futures Technical Analysis |
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Crude Oil Futures Technical Analysis
For the latest futures technical analysis see Crude Oil Futures Spread Betting Analysis.
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16 September 2011 update - Crude Oil closed higher on Thursday and remains poised to extend the rally off August's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are overbought, diverging but are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the May-July downtrend line crossing would confirm an end to this summer's decline. Closes below Monday's low crossing would confirm an end to the corrective rally off August's low.
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15 September 2011 update - Crude Oil posted an inside day with a lower close on Wednesday as it consolidated some of the rebound off Monday's low. The mid-range close sets the stage for a steady-to-lower opening on Thursday. Stochastics and the RSI are neutral signalling that sideways trading is possible near-term. Closes below Monday's low crossing would confirm an end to the corrective rally off August's low. Closes above the May-July downtrend line crossing would confirm an end to this summer's decline.
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14 September 2011 update - Crude Oil closed higher on Tuesday as it extended the rebound off Monday's low. The high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI are neutral signalling that sideways trading is possible near-term. Closes below the reaction low crossing would confirm an end to the corrective rally off August's low. Closes above the May-July downtrend line crossing would confirm an end to this summer's decline.
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13 September 2011 update - Crude Oil closed higher due to short covering on Monday. The high-range close sets the stage for a steady-to-higher opening on Tuesday. Stochastics and the RSI are turning neutral-to-bearish signalling that a short-term top might be in or is near. Closes below the reaction low crossing would confirm an end to the corrective rally off August's low. Closes above the May-July downtrend line crossing would confirm an end to this summer's decline.
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08 September 2011 update - Crude Oil closed higher on Wednesday and above the reaction high crossing confirming that a low has been posted. The high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning bearish signalling that a short-term top might be in or is near. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.
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07 September 2011 update - Crude Oil closed higher on Tuesday and the high-range close sets the stage for a steady-to-higher opening on Wednesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.
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06 September 2011 update - Crude Oil closed lower on Monday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady-to-lower opening on Tuesday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.
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05 September 2011 update - Crude Oil closed lower due to profit taking on Friday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady-to-lower opening on Monday. Stochastics and the RSI remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.
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With financial spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital. Please familiarise yourself with the risks that are involved and before trading, ensure that financial spread betting matches your investment objectives. Seek independent advice where necessary.
Crude Oil Futures Technical Analysis - edited by PipTrade, 16 September 2011.
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With spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital so please familiarise yourself with the risks that are involved and, before trading, ensure that spread betting matches your investment objectives. Seek independent advice where necessary.
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