After making a double top pattern on the 4-hour chart, crude oil has just breached and closed below the neckline support at $72.54. As we see the stochastic oscillator has already entered the oversold Area. We expected #CL to go upward as the next move to re-test the previous neck support, which has become the neckline resistance. As long as the price stays below and does not close above the $74.65, 60% of the time crude oil is going to trade with the bearish bias.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
After making a double top pattern on the 4-hour chart, crude oil has just breached and closed below the neckline support at $72.54. As we see the stochastic oscillator has already entered the oversold Area. We expected #CL to go upward as the next move to re-test the previous neck support, which has become the neckline resistance. As long as the price stays below and does not close above the $74.65, 60% of the time crude oil is going to trade with the bearish bias.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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