Perhaps this spike can be better explained on the Hourly Charts.
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| Crude Oil Futures - H1 Chart |
As such, potential immediate price points include 93.75, 93.28. The ride to the downside can continue all the way up to 90.75
Crude Oil - Stay Calm, its just a temp spike
From a purely technical perspective; the current spike in Crude Oil Futures is seemingly just a temporary spike, which could be attributed to a weakening US Dollar. Note that the fundamentals haven't changed much, so the bearish mood for Crude oil continues.
Perhaps this spike can be better explained on the Hourly Charts.
What's obvious from this is the fact that prices rallied up to the parallel TL of 2,4 projected from pivot 3. The drop down will be massive, but considering that CLM3 is soon coming to an end, it is better to make use of some tight target prices instead.
As such, potential immediate price points include 93.75, 93.28. The ride to the downside can continue all the way up to 90.75
Perhaps this spike can be better explained on the Hourly Charts.
As such, potential immediate price points include 93.75, 93.28. The ride to the downside can continue all the way up to 90.75
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