. Commodity Update - Crude Oil (Light Sweet) Technical Analysis - Capital Street FX

Commodity Update – Crude Oil (Light Sweet) Technical Analysis

14 Dec 2022

Crude Oil (Light Sweet) Technical Analysis: Weekly Chart

In the weekly charts, Crude Oil was trading in an up channel. Crude Oil is currently trading below all SMA.

RSI is in the neutral zone which indicates neutralness. MACD is currently below zero which indicates bearishness.

Its immediate support is 83.00 the resistance level is at 87.00

Crude Oil was traded in an up channel before there is a downside breakout.

Crude Oil (light sweet) Technical Analysis: Daily Chart

In the daily charts, Crude Oil was trading in a down channel. Crude Oil is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently below zero which indicates bearishness.

Its immediate support is 83.15 the resistance level is 86.50

Crude Oil was traded in a down channel before there is an upside breakout

How to Trade Crude Oil this Week:

Crude Oil will follow the uptrend until its trend reversal. So, remain bullish on Crude Oil.

TRADE SUGGESTION- BUY AT 85.18, TAKE PROFIT AT 86.50 AND STOP LOSS AT 84.50