CRUDE to continue downward spiral
Crude prices are oddly (well, perhaps not so) set to spiral down further below 80. Here is technically why it would...
Light Crude Oil futures weekly chart show the recent consolidation around the weekly 55EMA, and that it appears to have broken down decisively, particularly closing at the lowest in the last 5 weeks. Technical indicators, particularly the RPM, suggest more momentum as does the weekly candlestick.
The daily chart had a 55EMA failure with a large bearish engulfing candle that overwhelmed a decently large bullish candle the day before. This was followed by a down candle, completing a Three Outside Down candlestick pattern. As if it was not enough, a Gap Down was further followed by a candlestick that closed the week with a long top tail. The daily MACD crossed under the signal line and pushed further down into the bearish territory.
Taken together, all these are simply pointing to more downside, likely to press below 80, targeting 70 towards the end of September.
On another note, the USD appears to be technically bullish and pushing further up. Ceteris paribus, a rising USD usually pushes Crude prices lower.
Light Crude Oil futures weekly chart show the recent consolidation around the weekly 55EMA, and that it appears to have broken down decisively, particularly closing at the lowest in the last 5 weeks. Technical indicators, particularly the RPM, suggest more momentum as does the weekly candlestick.
The daily chart had a 55EMA failure with a large bearish engulfing candle that overwhelmed a decently large bullish candle the day before. This was followed by a down candle, completing a Three Outside Down candlestick pattern. As if it was not enough, a Gap Down was further followed by a candlestick that closed the week with a long top tail. The daily MACD crossed under the signal line and pushed further down into the bearish territory.
Taken together, all these are simply pointing to more downside, likely to press below 80, targeting 70 towards the end of September.
On another note, the USD appears to be technically bullish and pushing further up. Ceteris paribus, a rising USD usually pushes Crude prices lower.
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