This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
WTI crude oil prices fell to an 18-year low on Friday. Price action settled near 18.44, after briefly slipping to 17.41 on an intraday basis.
The current price level marks a retest of a multi-year support level. Crude oil posted a low near 18.44 in December 2001.
The Stochastics oscillator is, however, signaling a bullish divergence.
But for this divergence to be valid, crude oil needs to close above 20.50.
This will be followed by a retest of the 28.43 level where the next resistance level sits.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.