Crude oil has been trading in a medium term uptrend however it experienced some correction and currently stands at the upward slopping trend line suggesting support at lower levels. Positive slope of the 20-day SMA along with the RSI in buy mode supports the above observation and indicates further upside potential. It would be prudent to say that Crude oil could advance towards 65.50 and 66.50 while it sustains above 63.80.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.