• The chart below is the weekly Crude Oil chart by ForexYard.
• The technical indicators used are the Bollinger Bands, Stochastic and RSI.
• There is a “doji” candlestick formed in the chart, indicating that a reversal should take place.
• The trend has reached the Bollinger Bands’ upper border, which may hint that the uptrend has reached its conclusion.
• A bearish cross on the Stochastic suggests that bearish activity might be imminent.
• The RSI has switched directions and is now facing down, however a much stronger signal will be given once it drops bellows the 70 line.
• It currently seems that a bearish move might be on its way, yet a red candlestick is required in order to assure the notion. Forex traders are welcomed to follow Crude Oil’s daily chart and look for the potential drop.
