October 18, 2018
Daily outlook of black gold is indicating that bears are taking the charge and pushing the crude oil towards downside. One can observe that bearish pressure in the crude oil and it is making successively lower lows and lower highs. As we have mentioned in our previous report that there is high probability that bulls will lose their grip from the market as it was heading at $75.50 level and we are hoping that our readers must have made profit from this fabulous move.
Presently crude oil is trading below all the major and minor EMA lines and indicating that bears are controlling the game and it seems like they are not ready to stop in early stage as bears may approach the $65 level in short term. Well they way bears are reacting it seems like the $65 level is not far away from here.
A big engulfing bearish candlestick is indicating bearish signal. Odds are in favor of bears and intraday bias remains bearish on the pair. A bearish crossover on MACD indicator is also favoring the bears. The. 72.50 levels is immediate resistance level followed by 74.50 whereas 68.10 level is strong key support level followed by 67.20 level.