August 22, 2016

CRUDE Oil chart update

  • Crude broke below 50 Hour SMA. Price is now testing 100 Hour SMA and cloud bottom. Closing below these levels will weaken crude bulls further. Bulls need to hold on to the cloud to avoid a bigger correction.

Crude oil Trend update

  • Crude oil testing 50 Hour SMA and the channel support line.
  • For a possible trend change price must break below the hourly cloud, Till then bulls are safe.