Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Crude Uptrend or Downtrend?

36 sec read


 

Crude Trading near $43/Barrel achieves deadly low of $35.13/Barrel on October 23rd. Since then it is stuggling to move above $50 mark. Looking into tthe weekly charts with simple 5/13 EMA indicators, chart shows still no bullish 5/13 EMA crossovers i.e 5EMA>13 EMA. As per charts to have a such crossover crude needs to sustain above $48 mark during the end of the week. 13 EMA is a clear resistance now i.e $46.32 mark on Weekly basis. So sustainability above $46.32 on weekly basis will target crude to the next near term resistance 34 Weekly EMA of $63/Barrel mark.

But Weekly CCI-4>100 suggest overbought levels in crude likely negative sentiment to remain till $48 breakout occurs on weekly basis.Also there is a formation of positive divergence in Weekly RSI-2 with RSI-2 supports near 40 levels. RSI failing to taking support near 40 levels is also a bearish factor.

Let see more in detail next week about the Bullish and Bearish factors for crude with more indicators to justify the trend

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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