Crude oil prices rose significantly in the last two weeks and peaked at $82.30 per barrel. However, the 8-hour chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. 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 8-hour chart for crude oil by ForexYard.
• The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range.
• Point 1: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure.
• Point 2: The Slow Stochastic indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure.
Crude Oil 8-Hour Chart
