Crude Oil Has Become The Sky Rocket.

May 22, 2018

 

By looking at the daily chart we can see that bulls are driving the car and have full control on the crude oil. Stock is making higher highs and higher lows on the daily chart and an uptrend line is lying on the daily chart and providing bullish strength. A bullish marabuzo on the daily technical chart is providing full on bullish sentiments.

 

 

On the fundamental point of view the re-election of President Maduro in Venezuela flamed the crude oil and it is also sparked by US-China constructive trade talks. Short term to intermediate bias remains bullish as long as geopolitical factors exist. The way bulls are reacting it seems like they are approaching $75 level in very short term. Traders and investors should buy on dips.

 

RSI indicator is travelling at overbought territory so we may see some correction but that should be considered as buying opportunity and a bullish crossover on the MACD indicator is also favoring the bulls for the time. The $75 level is key resistance level followed by $78 whereas $70 is key support level followed by $68 level.

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