The Bears are still in full force on Crude

NYMEX:CL1!   Light Crude Oil Futures
There seems to be no shortage of bearish news on Crude oil             lately. In fact, today's 'dark cloud cover' candlestick pattern is a bearish rejection of the level formed by Friday's close proves the little rally we saw on 2015-01-22 was merely just a short covering frenzy.

Almost all the technicals indicate we are in a solid downtrend. The Aroon indicator is still at almost maximum divergence, and the ADX indicates a very strong downtrend. Although the MACD seems to have crossed, the strength of today's rejection shows its not likely to last. The OBV indicates strong selling pressure, and the RSI confirms this might be a good time to enter a short position.

Also note that it closed below the important psychological and technical level of $30, as it is consistently breaking lower lows.

The only concern is the distance from the Ichimoku cloud . Typically, this amount of distance may indicate a rally is near as we saw on 2015-08-27.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out