Weekly chart:
The so-called “black gold” is continuing to advance in a stable downtrend and ricocheted downwards off the 20 SMA in the last correction zone several times. Currently, a downward continuation of the trend seems very likely.
Daily chart:
In the daily chart, the trend is proceeding as a still very young uptrend, which, however, is of merely corrective nature. Yesterday the price failed at the 20 SMA from the weekly chart. This should first be overcome by the closing price in order for new trading chances to arise.
Hourly chart:
Due to the retreat of the price at the 20 SMA from the weekly chart at $48.08, a new downtrend was established. This has currently only executed a small correction, making it very probable that it will slip through directly downwards. Generally, oil is tending to head for lower prices.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.