By Anton Eljwizat – Crude oil traded near the highest in almost three weeks after greater-than-forecast growth in U.S. private employment bolstered optimism fuel demand will increase in the world’s biggest crude-consuming nation. However, there is much technical data that supports a bearish move for today as described below. Forex traders involved with commodities like this can take advantage of this knowledge by going short on Crude Oil now, and at a great entry price!
• Below is the daily chart for crude oil by ForexYard.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and Williams Percent Range.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure.
• Point 3: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure.
Crude Oil Daily Chart
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
