Crude Oil: Bulls are charging!

Crude Oil: Bulls are charging!

Crude oil has moved to the downside during the previous two weeks after touching areas of $55 per barrel. Oil is currently flirting with 49.15 regions, but we may see it building a technical base to resume the upside wave according to the reasons mentioned below.


Actually, we are bullish based on the wedge structure, which is still incomplete as seen on the above provided graph and we see how traders has re-experienced the lower line of this wedge for the third time and couldn’t breach it.

Simple moving average also continues to support the bullishness, carrying the movements from the underside, while Stochastic reflects oversold case. 

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Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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