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Auguraltrader
Aug 20, 2022 5:54 AM

CRUDE - now what? 

Crude Oil FuturesNYMEX

Description

Initially, it appeared that Crude prices were very robust and strong. Then came a retracement after a lower high and formed a lower low, and it appeared weak (in the face of a looming recession. Missing the downside target, Crude actually appears that it found a base, just bellow the weekly 55EMA.

Hint is mostly in the daily chart, where there is an obvious closed gap down, and as RPM accelerates upwards, the MACD is showing a bullish divergence. The coming week, breaking above 92, and then 95 is important to establish a good effort to reach the daily 55EMA, estimated about 95 then.

So Crude is expected to have some upside in the short term...
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