Crude Oil

(Last Updated November 26, 2020)

Welcome to the news page for Crude Oil (CL1). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:

The Trend

As for trends on CL1, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.

CL1 Moving Averages

CL1’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, implying a upward trend, aside from a fall about 6 months prior.

The chart below illustrates.

The View From the Weekly Timeframe

At the moment, CL1’s price is up $3.56 (8.45%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as CL1 has now gone up 4 of the past 5 weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 5 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. CL1’s weekly price action over the past 52 weeks can be seen via the chart below.