By Anton Eljwizat – Crude oil prices have dropped significantly yesterday and peaked at $73.50 per barrel. However, as I will demonstrate below, the price of crude oil may very well be heading for a reversal. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. Don’t forget your Stops and Limits!
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
Crude Oil 4-Hour Chart
Forex Market Analysis provided by Forex Yard.
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