Crude Oil Analysis Forecast 2015, May 12

Crude Oil is moving on its up trend from 56.85 which is its bottom level of up trend, currently over level of 60. No changes in general view. So if it stays over 56.85, 58.27 supports, we may expect it to rise up to 63.50 which is the upper level of its trend channel. But for the last two days, it could not get over 59.90 and it is trying to do so now again. So this level is important for buyers.

Also as seen on daily chart below, after a double dip, crude oil began its way up with small retracements. Although rsi is close to 70 level, as long as it stays over 55 and 100 days EMA, up trend will continue.

Support and resistance levels of Crude Oil are shown below. Also do not forget to use stop loss every time in forex trading.

Pivot : 58.27
SUPPORt: 58.27-56.85-55.07
RESISTANCE : 59.90-61.69-62.56

crude oil analysis forecast

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