Crude Oil Retreats After Reaching ‘Magic’ Number

Moderator: moderators
rank: 1000+ posts
rank: 1000+ posts
Posts: 4461
Joined: Thu Jan 14, 2016 9:36 am
Reputation: 0
Gender: None specified

Crude Oil Retreats After Reaching ‘Magic’ Number

Postby » Mon May 30, 2016 7:13 am

This article was written by James Hyerczyk, financial analyst at FX Empire.

July crude oil futures reached the ‘magical’ $50.00 last week, touching $50.21 before selling off and producing a potentially bearish closing price reversal top on the daily chart. This is a sign that the selling is greater than the buying at current price levels. The chart pattern on the daily chart suggests the market may be poised for a near-term correction.

Typically, a daily closing price reversal top leads to a 2 to 3 day correction. In this case, however, we suspect the market is likely to ... (read more)

Please add to your ad blocker white list.
Thank you for your support.

Return to “news”