FX.co ★ Ahmad-Hussain | CL/Crude Oil

CRUDE OIL PAIR MOVEMENT

The movement of crude oil prices for more than two weeks has tended to decline after reaching high prices of 87.63. Even though there have been several upward rallies, the price has not succeeded in moving higher towards the 88.00 level. As a result of this repeated decline, the 50 EMA is getting closer to the 200 SMA, so the bullish trend conditions appear to be weakening. Meanwhile, price movement is between resistance 85.32 and support 81.45, but the price is above the two moving average lines. As long as the price consistently rises, the bullish trend is maintained, and there are no crossings, which will give rise to a death cross signal. Momentum still shows an uptrend condition from the Awesome Oscillator (AO) indicator because the histogram is above level 0, or the positive area. The only problem is that there is a shooting star doji candlestick pattern, which gives a possible reversal signal in pushing prices down towards support at 81.45 or low prices at 80.80. Plus, the stochastic indicator parameter has crossed the overbought zone and is trying to pass level 50, indicating price support for moving down. Position entry setup: In my opinion, trading options remain confident in bullish trend conditions because the two moving average lines that have not crossed will not give off a death cross signal. The entry point for the buy position is below the 200 SMA in the range of 82.90–82.60. Confirm when the stochastic indicator parameter crosses around level 50 or after reaching the oversold zone. The green Awesome Oscillator (AO) indicator histogram remains consistently above level 0. The closest target for take profit high prices is 84.19, and support is 81.45 as a stop loss.