CRUDE breaks below Thursday's low


Crude Oil (CRUDE) Technical Analysis Report for Aug 07, 2020 | by Techniquant Editorial Team

Highlights

CRUDE finds support at 20-day moving average
CRUDE closes lower for the 2nd day in a row
CRUDE breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, CRUDE ended the week 2.89% higher at 41.60 after losing $0.37 (-0.88%) today. Closing below Thursday's low at 41.61, the market confirmed its breakout through the previous session low after trading up to $0.55 below it intraday.

Daily Candlestick Chart (CRUDE as at Aug 07, 2020):

Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Aug 07, 2020

Friday's trading range has been $1.16 (2.76%), that's slightly below the last trading month's daily average range of $1.31. 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 higher than usual for CRUDE.

One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.

After trading as low as 41.06 during the day, the contract found support at the 20-day moving average at 41.14. The last time this happened on July 24th, CRUDE gained 0.75% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for Oil. Out of 139 times, CRUDE closed higher 55.40% of the time on the next trading day after the market condition occurred.

With six out of the other seven Commodity Markets closing lower today, the ones that stand out on the negative side are SILVER losing -2.09% and COFFEE closing -2.05% lower. On the flipside the best performer has been NATGAS closing 3.48% higher. Read more


Market Conditions for CRUDE as at Aug 07, 2020

Loading Market Conditions for CRUDE (Crude Oil)...
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CRUDE stuck within tight trading range

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