#CRUDE OIL - APPROACHING 200MA RESISTANCE ON DAILY - #USOIL
CRUDEOIL & USOILCrudeOil is approaching 200 MA on the daily chart.
The 200 MA zone is also close the the upper limit of the gap zone USOIL formed during the crash making it a area of confluence for resistance.
Thus, we can see some resistance once we hit that confluence zone. (see the image below)
Also, CRUDEOIL has had a significant run up and is in the overbought RSI zone one the daily. Making it further more likely to retrace in near future. (But obviously there are no guarantees in the market)
We need to keep an eye on current market situations as global markets such as NASDAQ, US30 (DOW JONES) have had a significant run up and can retrace which can lead other correlated markets to show similar behaviour. On the flip side, these global markets can keep moving up without showing any retrace.
Let's see what happens next!
Trade Safe!
Daily RSI
CRUDE-OIL- 71 (Bullish + Overbought Zone)
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