Crude Oil (CL1) Down $0.15 On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Crude Oil 4 Hour Price Update

Updated March 30, 2021 01:53 AM GMT (09:53 PM EST)

Crude Oil entered the current 4 hour candle at $46.6, down 0.32% ($0.15) from the previous 4 hours. Those trading within the energy commodity asset class should know that Crude Oil was the worst performer in the class the current 4 hour candle.

Crude Oil Daily Price Recap

Crude Oil is up 0.97% ($0.59) since the previous day, marking the 2nd day in a row it has gone up. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 3rd since the previous day in terms of percentage price change. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

The first thing we should note is that Crude Oil is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Crude Oil’s price has gone up 15 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Crude Oil:

  • From Oyinwealth4:

    @DanielRegha @SaharaReporters @ProfOsinbajo For this country to function properly, we need to cut off Liabilities. The North is a Liability to this country. Crude oil comes from South South, Commerce and trade comes from the south west, Manufacturing and fabrication comes from South East, What is coming from the North?

  • From biancoresearch:

    But the wealth of the world is not in these countries. So, what can they do to force a DeFi standard? They could demand that trade, including crude oil, industrial commodities, and finished products, be conducted in this new standard instead of to the U.S. dollar.(8/8)

  • From Jarushub:

    Understanding Oil & Gas Industry III
    (See previous threads in Parts 1 & 2) 2.1 DOWNSTREAMEarlier said Upstream is about extracting the crude oil or gas frm its natural formation environment (under earth or water),midstream is about processing it to usable form. Now downstream

In terms of news links for Crude Oil here’s one to try:

Is crude oil under-developing Nigeria? | Dailytrust

There is no doubt that Nigeria’s crude oil has immensely contributed in its growth and development even with the existence of moribund refineries….Even though there are investments and advancements in diverse sectors of the Nigerian economy, there is no doubt that Nigeria’s overdependence on crude oil surpasses its faith in the growth and development of other aspects of the economy….Nigeria too can do the same….Once the Nigerian economy is diversified and key sectors are developed, the reliance on crude oil will drastically reduce and even if the oil gets all used up in a few centuries to come, there will be other sectors that will generate revenue and export earnings for the country.