Oil N' Gold - Resources for Serious Traders
Energy and Precious Metals Technical Analysis
Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue May 22 12 02:43 ET

The commodity managed to trade back above 92.75, meanwhile stochastic has completed a bullish crossover and +D crossed above -D on ADX indicator. In addition to that, price settled above the 20 and 50 exponential moving averages and broke above the descending channel, thus further bullishness is expected , and requires steady trading above 91.80.

The trading range for today is expected among the major support at 90.20 and the major resistance at 95.70.

The short-trend trend is to the downside with steady trading below 106.40, targeting 90.20.

Support: 93.00, 92.75, 92.20, 91.80, 91.05
Resistance: 93.80, 94.10, 94.80, 95.45, 95.70

Recommendation Based on the charts and explanations above our opinion is buying crude around 93.10 and take profit at 93.80, 94.80 and 95.70. Stop loss with 4-hour closing below 91.80 might be appropriate.

ICN.com

Opinions expressed at ICN.com are those of the individual authors and do not necessarily represent the opinion of ICN.com or its management, shareholders, affiliates and subsidiaries. ICN.com has not verified the accuracy of any claim or statement made by any independent writer and is reserved as their own and ICN.com is not accountable for their input. Any opinions, news, research, analysis, prices or other information contained on this website, by ICN.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. ICN.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading purposes. ICN.com does not bear any responsibility for any trading losses you might incur as a result of using this data.

 

Latest Analysis from this Author