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Technical Chart - Crude Oil - Bollinger Bands are Indicating Towards a Major Move
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Over the last couple of weeks Crude Oil has played its share of games, fooling investors. Each time this commodity began to head higher, it immediatly retraced back into range. Since the start of november crude has formed a mild down trend, characterized by low volatility. From a technical point of view, the chart has come down to test major resistance as support and is now bounded by an upper trend line. Furthermore when taking a glance at the added bollinger bands one can see that the converging pattern is indictating towards a major upcoming move. On one hand, if the Dollar continues to fall and maintain its down trend, crude oil could see higher ground. On the other hand, a lower equity market could have a positive affect on the U.S Dollar, causing crude to drop below support.
Trading tip- keep a close eye on the U.S Dollar
Crude Oil – Daily Chart
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