HomeContributorsTechnical AnalysisCrude Oil Settles Within Range

Crude Oil Settles Within Range

Oil prices gave back the gains, closing in the red on Friday at 39.74.

Price action is likely to continue holding the sideways range between 41.00 and 38.83.

In the short term, we see a divergence building up on the Stochastics oscillator. This could trigger another run-up to the 41.00 level.

Given that the US elections are just a week away, the dollar strength will also impact oil prices.

A breakout from this sideways range could set the direction of the trend in the near term.

For the moment, the downside in oil prices looks limited, but that could change if price breaks down below the 38.83 handle.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading