Crude Oil's Trading Range Is High Risk
ICN.com | Jun 23, 2016 04:49AM ET
After touching the previously breached ascending channel support level, crude oil price fell. However, trading remained limited in levels above 48.30. Currently, the price is trading above SMA 20, but below the previously mentioned breached support located at a price of 50.65 turned into resistance.
Current trading range is considered a high big risk range, and this is what makes us remain neutral, especially since the ADX is showing a strong decline in trend lines. 50.65 penetration rate will bring back positivity, while breaching 48.30 will indicate the extension of the downward trend that began yesterday.
- Support :48.75–48.30–47.00
- Resistance : 50.00–50.65–51.45
Direction: Neutral
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.