Crude Oil Retreats After Reaching ‘Magic’ Number

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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)

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