The Crude Oil on the 4-hour time frame has been following an uptrend recently. The price broke above the key level of $60 on 1 July but bears pushed the price lower. As of writing, the price is hovering around $59.30 with positive MACD and RSI above 50.
The price action in the Crude Oil is mainly driven by the recent uncertainty in global economy.
The 4-hour chart of the Crude Oil confirms the positive sentiment in the price movement as the commodity is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the Crude Oil. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 50.63. Bears must break this level in order to regain bearish sentiment in the market.
The price action in the Crude Oil is mainly driven by the recent uncertainty in global economy.
The 4-hour chart of the Crude Oil confirms the positive sentiment in the price movement as the commodity is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the Crude Oil. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 50.63. Bears must break this level in order to regain bearish sentiment in the market.