Crude Oil (CL1) Up $0.84 On 4 Hour Chart, Entered Today Down 0.19%; Pin Bar Pattern Appearing on Chart

Crude Oil 4 Hour Price Update

Updated October 16, 2020 12:49 AM GMT (08:49 PM EST)

Crude Oil closed the previous 4 hours up 2.09% ($0.84); this denotes the 2nd straight candle an upward move has occurred. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

Crude Oil Daily Price Recap

The back and forth price flow continues for Crude Oil, which started today off at 40.96 US dollars, down 0.19% ($0.08) from yesterday. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 2nd for the day in terms of price change relative to yesterday. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

Notably, Crude Oil is now close to its 20, 50 and 100 day averages, located at 39.97, 40.71 and 40.11 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Crude Oil’s price has gone up 5 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Crude Oil for the past day were:

  • From rohanrgupta:

    🔹 2014 – Crude oil price $106/barrel
    Petrol price Rs 71.41
    🔹 2020 – Crude oil price $41/barrel
    Petrol price Rs 81.06These stats are a testament to an efficient UPA govt which worked for people and an erratic NDA govt which is filling the pockets of their suit boot friends.

  • From sarahkimiah:

    PSA!!!!📢📢🗣️🗣️🗣️
    THE NABARIMA IS SINKING!!! 1.4 M BARRELS OF CRUDE OIL WILL BE SPILLED IN THE CARIBBEAN SEA!!! THE REGION WILL BE DESTROYED! AND THE PM HAS NOT RESPONDED IN 55 DAYS TO THE FFOS! PLEASE SPREAD THE WORD & GET THE ATTENTION OF THE RESPECTIVE AUTHORITIES ‼️‼️‼️

  • From VermaDaksha2000:

    • In March Petrol /Litre
    Excluding Tax – ₹32
    Including Tax – ₹75
    • In October Petrol per litre
    Excluding Tax – ₹25
    Including Tax – ₹87
    In March Oil per Barrel – $55
    In October Oil per Barrel – $41
    Global price is lower on Crude Oil, India’s price sky rocketing 😓


“Energy Ellen” is the collective pseudonym used by several writers who contribute to our energy commentary who are passionate about the intersection of energy, economics, and investing. Follow Energy Ellen on social media: Instagram