The US Crude Oil on the 4-hour time frame has been following an uptrend recently. The price jumped above $64 mark to register the highest level in 5 months at 64.74 on 8 April. The recent jump in the prices came after clashes in Libya and concerns over Oil supply in coming months. Price is above the 200 – period moving average with MACD above the zero line, both supports bullish sentiment in the market.
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 the market but one important thing is that RSI is currently in overbought area which indicates a possible scenario of a short-term bearish move.
In alternative scenario, key support level lies at 61.78. Bears must break this level in order to regain bearish sentiment in the market.
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 the market but one important thing is that RSI is currently in overbought area which indicates a possible scenario of a short-term bearish move.
In alternative scenario, key support level lies at 61.78. Bears must break this level in order to regain bearish sentiment in the market.