The Crude Oil on the 4-hour time frame has been following a downtrend recently. The price reached the lowest level in more than a month at 60.08 on 5 May. The recent movement in the Crude Oil is mainly driven by the recent announcement from the US President regarding tariffs on Chinese products. Recent development regarding Iran and news regarding increase in Russian Oil supply also played a major role in recent price action.
The 4-hour chart of the Crude Oil confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Crude Oil. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 64.74. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the Crude Oil confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Crude Oil. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 64.74. Bulls must break this level in order to regain bullish sentiment in the market.