Published:  June 11, 2019 7:25 pm est
 Harish Shahi Contributor Commodities Market Analyst

by Harish Shahi,
Contributor Commodities Market Analyst  
NewsmovesMarketsForex

Crude Oil  Daily Chart Analyst  June 19, 2019

By looking at the daily chart we can see that Crude oil is falling down and making successively lower lows and lower highs. The first look of the chart is showing that bears have taken the charge and heading south side. The way it is falling down it seems like it’s just a starting further rally is still awaited. The downtrend line has been breached out which is supporting the bears.

From past couple of days we can see that bulls are losing their control from the game and bears are entering with fresh energy. From technical prospective we can see that a downtrend line has been breached out which is indicating that it’s time to short the pair.

From starting of the week we have seen an evening star candlestick followed by a two consecutive bearish marabuzo candlesticks which are indicating purely bearish signal and providing strength to the bears. Currently pair is trading and sustaining below minor n major moving average lines.

Black gold has given clear indication of bearish momentum and we will get further confirmation once we see a daily closing below the $55 level.  Presently bears are notching over the bulls as we can see that they stopped the bulls to move further upside and pulling the crude oil to south side.  Well intermediate term trend is down and we got further weakness due to valid breakout of the uptrend line.

Investors and traders are advised to short the crude oil at current level $56 and further add short positions till $58 for the target of $53 and $50 with the tight stop loss of $58.70.

From technical prospective we can see that on the hourly chart a rounding top pattern has been completed successfully by the bears. Most of the indicators and oscillators are signaling bearish and waiting for the further bearish momentum. Odds are in favor of bears and daily to weekly bias remains bearish on the pair. A bearish crossover on MACD indicator is also favoring the bears.

Bearish divergence on RSI

RSI is also favoring the bears for the time being. A bearish divergence on RSI is the recent development on the daily chart. The $58 level is immediate resistance level followed by $60 whereas $52 level is strong key support level followed by $50 level.

 

 

Crude Oil Downtrend line breached out, go for short June 19, 2019
The Owner of this website as well as third-parties involved with this site or affiliates opinions, analysis or insights does not constitute as investment nor financial advice.  Our commentaries and contributors analysis are know as a general opinions and does not constituent as investment advice. We will not be responsible for losses that users rely on from the content disseminating from this site.
 
 The content of this site is for informational and educational purposes should not be taken as buy sell recommendations just a general opinions and not a guarantee of performance of market results.  If you have questions about investing in the financial or forex markets you should consult a license professional financial adviser.
 
Trading Forex on margin can go for you or against you, investors should fully understand all the risk involved before placing trades.  Ownership as well as all parties and contributors involved with content on this site express no guarantees as to the accuracy or completeness of information.
 
The market conditions, economic environments change dynamically we will not be responsible if users rely our content and incur or undertake trading losses thereof.    Although we do are best to assure accuracy of information disseminating from this site all content is subject to change at any time and we do not make any guarantee of content accuracy.