Crude oil likely to rebound
Crude oil has been trading in a higher top higher bottom formation suggesting the trend to be positive in the medium term; currently it stands at the 20-day SMA indicating it could rebound from current levels. RSI has dipped, albeit remains in the buy zone supporting the above observation and indicates further upside potential. It would be prudent to say that Crude oil could rise towards $61.00 and $62.00 while it sustains above $58.50.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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