Crude oil futures have teetered for weeks, and the bears may be getting ready to pounce.
The first pattern on today’s chart is the sharp drop in early April after President Trump announced higher-than-expected tariffs. CL1! quickly broke the 65.27 level where it bounced in September and early March. Prices have stayed there since, which may reflect a lack of buying interest.
Second is the recent consolidation zone above the May 8 high of 60.29. Could a close below that level trigger selling?
Third, prices have remained consistently below their 50-day simple moving average since early February. That may suggest the intermediate-term trend is bearish.
Finally, the 8-day exponential moving average (EMA) recently crossed below the 21-day EMA. That may suggest the short-term trend is getting bearish.
These patterns could be important to watch heading into this weekend’s OPEC+ meeting.
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The first pattern on today’s chart is the sharp drop in early April after President Trump announced higher-than-expected tariffs. CL1! quickly broke the 65.27 level where it bounced in September and early March. Prices have stayed there since, which may reflect a lack of buying interest.
Second is the recent consolidation zone above the May 8 high of 60.29. Could a close below that level trigger selling?
Third, prices have remained consistently below their 50-day simple moving average since early February. That may suggest the intermediate-term trend is bearish.
Finally, the 8-day exponential moving average (EMA) recently crossed below the 21-day EMA. That may suggest the short-term trend is getting bearish.
These patterns could be important to watch heading into this weekend’s OPEC+ meeting.
Check out TradingView's The Leap competition sponsored by TradeStation.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.