Forecast by Marius Ghisea- Crude Oil (May 2-6)

According to the daily chart, US Crude Oil may be overbought at level 78 of stochastic oscillator. This commodity may enter into a range between 42 and 43 in the medium long term. If the price falls below 41.80 ( Fibo 0.38), next target level may be at 38.17 ( Fibo 0.50) in the long term.

Crude Oil ForecastDaily-page-001

As we can see on 8 hour chart, a tunnel was formed between 35 and 45.60. At level 45.50, the US Oil price indicates that the tunnel was interrupted. This shows a retracement in the near term. The MACD indicates also a retracement on the 8 hour chart. The price will fall until at least stochastic level 20.

Crude Oil Forecast8hour-page-001

MariusG
Marius Ghisea – fund manager and advisor for institutional and individual investors. 11 years experience in forex market. Marius G. provides advices for long term investors with low risk strategies investments. Technical analyst at ProfitF.com ( Go to Ghisea Marius Facebook group >>> )
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