FXTM
Long

Can Crude Oil buyers maintain control?

OANDA:WTICOUSD   West Texas Oil
Crude Oil on the 4 Hours Chart has been in an uptrend since 13 May 2019 when it registered the low price at 60.611. On 16 May 2019, Crude Oil recorded the high price of 63.452. 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 above the fifty line which indicates positive sentiment. All three technical indicators are in agreement for the upward bias 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 62.866 (161.8%). The second price target is seen at 64.132 (261.8%). The third price target is projected at 66.181 (423.6%). The first target was reached successfully. The Black Gold is currently trading above the uptrend line. The presence of the Bearish Evening Star pattern hints for a potential rally to the downside. Of course, supply and demand as well as the crowd sentiment will determine the course of Black Gold . Although the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bullish .
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