The Crude Oil on the 4-hour time frame has been following an uptrend recently. The price broke above the $60 mark on 21 March and registered the highest level of 4-months at $60.40. Crude Oil stockpiles in the US posted their largest decline since July 2018. Supply concerns played a major role in recent bullish move. The 4-Hour chart of the Crude Oil confirms the positive sentiment in the price movement as the pair 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 Oil. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Bulls fighting with bears in order to keep the price above the $60 mark.
In alternative scenario, key support level lies at 54.54 (Low of 8 March), bears need to break this level in order to regain bearish momentum.
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 Oil. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Bulls fighting with bears in order to keep the price above the $60 mark.
In alternative scenario, key support level lies at 54.54 (Low of 8 March), bears need to break this level in order to regain bearish momentum.