The crude oil on the 4-hour time frame has been following a downtrend recently. The price dipped below key support level of 58.00 on 23 May. The price registered the lowest level of period under study at 57.37 on 23 May. The price action in the crude oil is mainly driven by the global economic uncertainty.
The 4-hour chart of the crude oil confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the crude oil. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 63.80. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the crude oil confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the crude oil. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 63.80. Bulls must break this level in order to regain bullish sentiment in the market.