CRUDE rises to highest close since May 22nd
Crude Oil (CRUDE) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CRUDE finished Thursday at 60.43 gaining $0.16 (0.27%). Today's close at 60.43 marks the highest recorded closing price since May 22nd. Trading $0.50 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CRUDE as at Jul 11, 2019):
Thursday's trading range has been $0.80 (1.32%), that's far below the last trading month's daily average range of $1.68. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CRUDE.
Three candlestick patterns are matching today's price action, the Bearish Doji Star and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on July 1st, CRUDE lost -4.85% on the following trading day.
Prices are trading close to the key technical resistance level at 60.98 (R1).
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Oil. Out of 151 times, CRUDE closed higher 52.98% of the time on the next trading day after the market condition occurred.
With four out of the other seven Commodity Markets closing lower today, the ones that stand out on the negative side are NATGAS losing -1.51% and GOLD closing -1.1% lower. On the flipside the best performers have been WHEAT closing 3.22% higher and CORN gaining 2.3%. Read more