Forex Analysis & Reviews: 08.06.2012 - Crude Oil Technical Analysis for June 8, 2012

08.06.2012 12:18 PM

Crude Oil Technical Analysis for June 8, 2012

เปิดบัญชีซื้อขาย เปิดบัญชีเดโม่

Analysis:
As crude oil technical analysis for June 8 shows, the downtrend is persisting. The oil price consolidated below the 83.75 support level, which suggests further downward movement. The target of further downtrend is 75.63. The Fibonacci Fan indicates that the price has failed to correct more than by 23.6% so far. It actually means that the downtrend is really strong. In case with bearish trading, Stop Loss is recommended to be placed above the downward trend line. The Awesome indicator suggests the current movement downwards, as the last closed bar is red. It can be interpreted as the current movement downwards in the short term. OsMA also reversed downwards, promising continuous downtrend in the longer term.

Trading recommendations:

According to the results of the oil price analysis, short positions with the 75.63 target appear to be preferable. Stop Loss should be placed below the downward trend line. If a trade turns out to yield 80-100 pips, it is better to drag the trade into the “no loss” area. It is recommended to close short positions manually if OsMA turns upwards.

Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.

Explanations to the picture:

Awesome Oscillator – red and green bars in the indicators’ window.
OsMA – grey bars in the indicators’ window.
Trend lines – blue lines.
Support and resistance - red horizontal lines.

If you like this article, vote for the author in Analyst of the Year Contest.

คุณได้กดชื่นชอบโพสต์นี้ในวันนี้แล้ว

*บทวิเคราะห์ในตลาดที่มีการโพสต์ตรงนี้ เพียงเพื่อทำให้คุณทราบถึงข้อมูล ไม่ได้เป็นการเจาะจงถึงขั้นตอนให้คุณทำการซื้อขายตาม