Crude Oil is in a downward sloping direction that is inside a specific price channel. Short-term trend is bearish and the form of the decline from recent highs looks corrective as the overlapping price structure suggests. There is no clear downward formation and I believe that we should be prepared for another strong move that will give us new highs near 109$. Oil price is however still in this downtrend as shown in the following chart. The resemblance to the sideways movement it did at the end of May gives me a clear indication what could happen if prices where to break above and out of the downward sloping channel.
Oil price is below the Ichimoku cloud as it was in May. The decline had an overlapping price structure as in May. For more help trading Oil you can become a member today and subscriber to our services in order to have access to my live twitter stream where every day I analyze major FX pairs, Gold and OIL opportunities, setups and my personal trades. For more details contact us or see this.
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