Crude Oil Commodity Forecast
Crude Oil commodity price ended at $80.00 on Friday, after gaining 1.38%.
(Updated on May 17, 2024)
The Crude Oil commodity price gained 1.38% on the last trading day (Friday, 17th May 2024), rising from $78.91 to $80.00. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the commodity fluctuated 1.27% from a day low at $79.00 to a day high of $80.00. The price has risen in 7 of the last 10 days and is up by 2.58% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 thousand more shares were traded than the day before. In total, 14 thousand shares were bought and sold for approximately $1.15 million.
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 $78.41 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 3.52% during the next 3 months and, with a 90% probability hold a price between $81.17 and $91.26 at the end of this 3-month period.
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CLUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 2.58%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Crude Oil has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $82.34. On a fall, the commodity will find some support from the short-term average at $79.03. 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.
Support, Risk & Stop-loss for Crude Oil commodity
Crude Oil finds support from accumulated volume at $78.15 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 and with good trading volume, the risk is considered to be medium. During the last day, the commodity moved $1.00 between high and low, or 1.27%. For the last week, the commodity has had daily average volatility of 0.294%.
Our recommended stop-loss: $75.52 (-5.60%) (This commodity has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (CLUSD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Crude Oil to open at $79.67, and during the day (based on 14 day Average True Range), to move between $79.13 and $80.87, which gives a possible trading interval of +/-$0.87 (+/-1.09%) up or down from last closing price. If Crude Oil takes out the full calculated possible swing range there will be an estimated 2.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $81.27 (1.59%) than the support at $78.15 (2.31%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Crude Oil commodity to perform well in the short-term.
Current score: 2.197 Buy Candidate Unchanged
Predicted Opening Price for Crude Oil of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $79.67 ( 0.417%) | $80.00 |
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 | 80.67 | 0.83 % | |
| R2 | 80.28 | 0.356 % | ||
| R1 | 80.05 | 0.0608 % | ||
| Current price: | 80.00 | |||
| Support | S1 | 79.28 | -0.89 % | |
| S2 | 79.05 | -1.19 % | ||
| S3 | 78.67 | -1.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.43 | 6.79 % | |
| R2 | 82.73 | 3.41 % | ||
| R1 | 81.27 | 1.59 % | ||
| Current price | 80.00 | |||
| Support | S1 | 78.15 | -2.31% | |
| S2 | 77.04 | -3.70% | ||
| S3 | 76.49 | -4.39% |
FAQ
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