Crude Oil

(Last Updated September 18, 2020)

Hello! This is the news page for Crude Oil. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:

The Trend

A trend/countertrend situation exists on CL1, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.

CL1 Moving Averages

CL1’s moving averages tell a multi-facted story about its trend. The 50 and 100 day averages suggest a bullish trend, as they are pointing upwards, in contrast to the downward-facing 20 and 200 day averages that imply a bearish trend. Moreover, it should also be noted that the 50 SMA just turned bullish today.

Below is a chart showing CL1’s price with its moving averages.

The View From the Weekly Timeframe

Currently, CL1’s price is up $3.64 (9.75%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows CL1’s price action over the past year.