The US dollars has been gaining some rising momentum in the last few days and crude oil has been easing from its record high price of USD135 last week. The crude oil price is trading at approx. US 123 on NYMEX now.
I was looking that crude oil trends using technical analysis today. It is trading between the zone between 20d MA and 50d MA. This is a good entry zone for an up trending market. Some swing trader actually made us of this zone to initiate entry and wait for its rebound. Looking at the regression channel, it is also trading near the lower band which shows possibility of oversold.
However, I shall monitor for another day or two as I did not see any white candle yet. I am a conservative traders and I will usually wait for a candlestick bullish reversal to validate my hypothesis before entry. So, I will wait for a white candle and prefer to have a rebound at the 50d MA or near the lower band of the regression channel for entry.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
