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Market Analysis

Home » Oil » Crude Oil Technical Analysis by Option Banque

Crude Oil Technical Analysis by Option Banque

Posted by Option_Banque in Oil - July 6th, 2015 9:24 am GMT


Crude futures (August 2015) on Friday made an intra‐day high of US$56.77/bbl and made an intraday low of US$55.40/bbl and settled down by 1.578% at US$55.50/bbl on session close.

Technicals in Focus:

On daily charts, oil is sustaining above its 20DMA i.e. 59.61 which is an immediate resistance and breakage below will call to 58.90-56.05-55.15. MACD is above zero line but histograms are in decreasing mode will bring bearish stance in the upcoming sessions. The Stochastic Oscillator is in oversold region and still giving negative crossover for confirmation of bearish stance; while the RSI is approaching oversold region and more downtrend can be expected trend.

Trading Strategy: Neutral

Based on the charts and explanations above, sell below 55.25-59.40, stop loss at 60.00 targeting 54.10-53.05 and 51.90. Buy above 54.00-52.50 with risk below 51.90 and targeting 55.30-56.45 and 57.50-58.60.

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