US Oil Bears are on mood

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The crude markets fell during the session on Friday and we have witnessed the waterfall from 104.96 till 100.59 during last week 5 trading day session. Looking at daily chart there is strong support at 98.83 and we may expect a down fall till that movement.


Technical commentary

On daily chart 200 period SMA giving strong sport to Crude oil at 100.59 and if the price breaks that level we can see bears in mood and more downfall, In the morning when market opened we observed that price was bounced back from same level and touched the 101.49 level .
But looking at daily to weekly trend we can advise to our Investors to wait for confirmation and buy from dip, The 98 level should be a important supportive area also, and as a result we believe anywhere between here and there that show signs of support is a buying opportunity. Oscillators and Indicators like RSI is below 50 which signifies that the trend is down until it comes to 30 there is a MACD bearish crossover also takes place and ADX is also giving support to the bears. Also, looking at stochastic it indicates the totally down trend and buyer can wait until it cross over from “0” to “50” level.

Tips to Investors


Strong buy at below $99 price for profit target of 102.50 and 104 with strict stop loss, money management is always advised to investors.


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