Crude Oil Commodity Forecast
Green day on Thursday for Crude Oil commodity after gaining 0.518%
(Updated on May 09, 2024)
The Crude Oil commodity price gained 0.518% on the last trading day (Thursday, 9th May 2024), rising from $79.22 to $79.63. During the last trading day the commodity fluctuated 0.0628% from a day low at $79.58 to a day high of $79.63. The price has fallen in 6 of the last 10 days and is down by -4.82% for this period. Volume fell on the last day by -13 shares and in total, 131 shares were bought and sold for approximately $10.43 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The commodity lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $78.31 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the commodity is expected to rise 6.77% during the next 3 months and, with a 90% probability hold a price between $83.61 and $94.89 at the end of this 3-month period.
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CLUSD Signals & Forecast
There are mixed signals in the commodity today. The Crude Oil commodity holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the commodity giving a more negative forecast for the stock. On further gains, the commodity will meet resistance from the long-term Moving Average at $83.00. On a fall, the commodity will find some support from the short-term average at $78.89. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 2.10%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Crude Oil commodity
Crude Oil finds support from accumulated volume at $78.46 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This commodity has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the commodity moved $0.0500 between high and low, or 0.0628%. For the last week the commodity has had daily average volatility of 0.0635%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CLUSD) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Crude Oil to open at $79.61, and during the day (based on 14 day Average True Range), to move between $78.70 and $80.56, which gives a possible trading interval of +/-$0.93 (+/-1.17%) up or down from last closing price. If Crude Oil takes out the full calculated possible swing range there will be an estimated 2.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $79.97 (0.43%) than the support at $78.46 (1.47%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Crude Oil commodity A Buy?
Crude Oil holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this commodity.
Current score: -1.194 Sell Candidate Unchanged
Predicted Opening Price for Crude Oil of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $79.61 ( 0.0209%) | $79.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CLUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 79.66 | 0.0419 % | |
| R2 | 79.64 | 0.0179 % | ||
| R1 | 79.63 | 0.0031 % | ||
| Current price: | 79.63 | |||
| Support | S1 | 79.59 | -0.0449 % | |
| S2 | 79.58 | -0.0597 % | ||
| S3 | 79.56 | -0.0837 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.43 | 7.28 % | |
| R2 | 81.27 | 2.06 % | ||
| R1 | 79.97 | 0.427 % | ||
| Current price | 79.63 | |||
| Support | S1 | 78.46 | -1.47% | |
| S2 | 78.15 | -1.86% | ||
| S3 | 76.49 | -3.94% |
FAQ
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