Crude Oil is reversing to the downside

Crude Oil on the 4 Hours Chart has been in a downtrend since 20 May 2019 when it registered the high price at 63.798. On 22 May 2019, Crude Oil recorded the low price of 62.382. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of Black Gold . Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI ( Relative Strength Index ) Oscillator registers values below the fifty line which indicates negative sentiment. The three technical indicators display mixed signals about the direction of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 61.714 (161.8%). The second price target is seen at 60.532 (261.8%). The third price target is projected at 58.619 (423.6%). The Black Gold is currently trading below the downtrend line. Of course, supply and demand as well as the crowd sentiment will determine the course of Black Gold .
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