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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

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