Crude Oil Nears the $83 Level

By Anton Eljwizat – Crude Oil has been experiencing much bullish behavior in the last few days. However, there is much technical data that supports a bearish move for today. I will illustrate below that the oil may very well be heading for a reversal, and it might have the potential of reaching towards $80 in the coming days. 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 4-hour chart for crude oil by ForexYard.

• The technical indicators used are the Relative Strength Index (RSI), MACD and Williams Percent Range.

• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling upward pressure.

• Point 2: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.

• Point 3: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure.

Crude Oil 4- Hour Chart

Forex Market Analysis provided by Forex Yard.

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